USD/CAD Price Analysis: Bulls need to get over recent tops or face strong bears USDCAD Technical Analysis
The W-formation was a reversion pattern whereby the current rally will be monitored for deceleration on the lower time frames for a bearish structure.
On the 4-hour chart above, the bulls were in the driver´s seat and there was a thesis that there could be a bullish continuation towards 1.3550.While the market is tracking higher, it is making slow progress. The concerning feature on the charts is how wicky the tops are and we could be in for a double top:Information on these pages contains forward-looking statements that involve risks and uncertainties.
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