- USD/CAD is consolidating in the long-term downtrend.
- USD/CAD is on the verge of a correction to the prior daily highs.
The price of USD/CAD has stalled in its upside correction on the long-term charts and bears are lurking below critical weekly resistance.
The following illustrates the prospects of a correction to the latest bullish impulse’s highs that would be expected to act as support prior to the next bullish advance from a daily perspective.
Monthly chart
Weekly chart
Daily chart
15-min chart
Meanwhile, from a day trading perspective, the price is testing a key 15-support line that could well hold and subsequently result in the next bullish impulse.