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USD/CAD: Is the Bull going to take over?

EagleFX

USD/CAD made a bearish move in the daily chart. Yesterday’s candle came out as a bullish inside bar. The sellers may have been eyeing in the pair to go short again below yesterday’s lowest low. However, the price made a breakout at yesterday’s highest high and traded above the level for some hours. Thus, intraday buyers may look for long opportunities and push the price towards the North. Let us now have a look at three vital charts of the pair.

Chart 1 USD/CAD Daily Chart


The chart shows that the pair made a long bearish move and had a bounce at the level of 1.32600. It produced a bullish inside bar at the level yesterday. The pair looked bearish. However, it made a bullish breakout in the intraday charts. Thus, it may continue its bullish correction. The price may find its next resistance around 1.34500. It may consolidate around the level. A bullish breakout at that level may push the price towards the North. On the other hand, if the level produces a bearish reversal candle, the sellers may go short below the level of 1.32600 and drive the price towards the South with good bearish momentum.

Chart 2 USD/CAD H4 Chart


The chart shows that the price had a bounce at the level of 1.32500 twice. It produced a bullish engulfing candle and headed towards the North with good bullish momentum. The buyers may wait for the price to consolidate and produce a bullish reversal candle to go long in the pair. The price may find its next resistance around 1.34500. On the contrary, the sellers may wait for the price to make a breakout at 1.32500 to go short in the pair.

Chart 3 USD/CAD H1 Chart


The chart shows that the price made a breakout at 1.33250 and traded above the level. As of writing, the price seems to be bearish. If it makes a bearish correction from here, the buyers are to wait for the price to make a bullish reversal candle at the level of 1.33370 or 1.33250 to go long in the pair. The price may find its next resistance around the level of 1.34250. However, if the price breaches the level of 1.33250, it may head towards the level of 1.32800.

The daily and the H4 charts need time to get bullish. The H1 chart looks good for the buyers. The H1 buyers may push the price towards the North, which may make the pair have another bullish day.

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