USDCAD Chart Technical Outlook rallies finding sellers, Although USD/CAD posted bearish outside candles on numerous time frames after the higher-than-expected Canadian inflation data yesterday, with lower oil prices, the losses could not be sustained.
We are seeing sellers emerge once more just in front of our stop level (1.3515).
From a technical perspective, the last move higher could be seen as a fifth-wave extension (Elliott Wave).
The one- and three-hour candles are posting bearish reversal formations. However, we need to see a dip lower and close below 1.3484 in the next 50 minutes for higher time frames to cancel out their bullish stance.
For now, the bias remains mildly bearish.
