USD/CAD Price Analysis: Bears are testing bullish commitments at trendline support USDCAD Technical Analysis
that has been building since the start of May. The following illustrates two scenarios, bullish and bearish, on the hourlyThe bullish scenario above sees the price testing counter-trendline resistance and the M-formation´s neckline. If the bears engage fully, then we could see the makings of a downside continuation into the 1.3470s.
A bullish scenario would see a break of the resistance and move into the shorts from the peak formation, moving back onto the front side of the bullish trendline. Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
USD/CAD Price Analysis: Bulls need to get over recent tops or face strong bearsAs per a prior analysis whereby we had, USD/CAD bulls moving in to test above 1.3500, the market had moved in on the area and bulls have remained in c
Read more »
USD/CAD rebounds from 1.3480 support amid downbeat Oil price, focus on US debt ceiling talksUSD/CAD rebounds from 1.3480 support amid downbeat Oil price, focus on US debt ceiling talks – by anilpanchal7 USDCAD Oil RiskAppetite Fed FiscalPolicy
Read more »
AUD/USD Price Analysis: Aussie bulls brace for bumpy ride below 0.6685-90 key hurdleAUD/USD Price Analysis: Aussie bulls brace for bumpy ride below 0.6685-90 key hurdle AUDUSD Technical Analysis SwingTrading ChartPatterns SupportResistance
Read more »
WTI Price Analysis: Oil juggles below $72.00 ahead Of Biden-McCarthy talksWest Texas Intermediate (WTI), futures on NYMEX, are displaying back-and-forth action below $72.00 in the Asian session. The oil price is expected to
Read more »
USD/JPY Price Analysis: Sellers attack previous resistance with eyes on 137.10USD/JPY Price Analysis: Sellers attack previous resistance with eyes on 137.10 USDJPY Technical Analysis ChartPatterns SupportResistance SwingTrading
Read more »
EUR/USD Price Analysis: Mildly bid above 1.0800 within bearish channelEUR/USD bulls keep the reins around the intraday high surrounding 1.0825-30 as buyers cheer the upside break of the 100-DMA during Monday’s Asian sess
Read more »