• USD/CAD bears seek a break of the 4H 61.8% ratio to the downside.
  • Bulls eye an extension towards 1.3000.

As per the prior analysis, USD/CAD Price Analysis: Bulls could be about to clean up, and USD/CAD Price Analysis: Bulls seeking a break of 1.2790/00, whereby it stated that ”a resurgence in the greenback would be expected to see USD/CAD rally in due course, the price  indeed moved higher as follows:

The following is an update of the prior analysis:

As illustrated, the price has rallied as anticipated but the bulls broke the neckline of the M-formation which sets up a bullish bias on the chart as shown above. 

USD/CAD H4 chart

A break of the 61.8% ratio to the downside would be a significant move but while it holds, the bias is to the upside as per the chart above.

This article was originally published by Fxstreet.com.Read the original article here.


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