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  • 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.