USD/CAD Price Analysis: The bulls and bears battle it out at crucial support
- Bears are lined up for downside extensions from the critical daily resistance.
- The bulls need to engage at this important juncture.
As per the prior analysis, USD/CAD Price Analysis: The hourly 61.8% golden ratio is eyed for the opening sessions, the pair had been in the hands of the bears before the bulls took over for a probe of the recent highs.
USD/CAD prior analysis
The 4-hour chart was showing that the price was meeting the 4-hour resistance structure and was being rejected. This was expected to give rise to a deeper correction into the prior resistance that had a confluence of the 61.8% ratio at 1.25 the figure.
The price has since deteriorated to the mark and slightly beyond as follows:
The price is now at a crossroads. Should the bulls fail to keep control at this juncture, then the CAD would be expected to continue with its trajectory higher vs the US dollar given the resistance at the daily 38.2% Fibonacci: