USD/CAD Price Analysis: Bullish correction playing out with focus on 1.3130 key resistance USDCAD Technical Analysis
off its bull cycle highs while the Bank of Canada hiked rates by 75 basis points. This has seen the technical outlook a touch less bullish than it was the prior day as the following illustrates. The M-formation is a reversion pattern that would be expected to see the price revert into the neckline between a 38.2%With that being said, the lower time frame price action is less bullish given the potential resistance up ahead near 1.3130 where prior support falls in near a 61.
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