USDCAD pushed sharply higher today after an early Asian-Pacific session test of its rising 200-hour moving average (green line). The rally lifted the pair back above the 38.2% retracement of the May decline at 1.37208, and through the key swing area between 1.37498 and 1.37590.
That breakout opened the door for a test of the 50% retracement level at 1.3777. However, the rally lost momentum just shy of that target, with the high stalling at 1.3774—just three pips short. The pair has since rotated lower, now trading back within the 1.37498–1.37590 zone, signaling some buyer fatigue.
What next?
UNLOCK EXCLUSIVE CONTENT
In this informer hub you will get only that which can help you grow financially and increase your knowledge. Subscribe by entering your email address. After that you will get the link to our WhatsApp channel, join it.
Key levels to watch:
-
A break below 1.37498 could see a retest of the 38.2% retracement at 1.37208, followed by the rising 100-hour MA near 1.3704.
-
A move back above 1.37590 would put the focus back on the 1.3777 target.
Momentum has stalled, and this swing area will now act as a short-term barometer for bullish or bearish control.
This article was written by Greg Michalowski at investinglive.com.
We are available on the following Websites.
- EUR/USD Price Forecast: Buyers lead amid a better moodFXStreet Forex & Commodities Analysis - 1 day agoThe EUR/USD pair is in recovery mode on Monday, as a better market mood underpins demand for the high-yielding Euro (EUR). In the absence of…
- Gold Price Forecast: XAU/USD consolidates gains around $3,400FXStreet Forex & Commodities Analysis - 20 hours agoSpot Gold surged in the European session Monday, flirting with the $3,400 level after Wall Street’s opening. The strong momentum in the bright metal comes…
- Gold Price Forecast: XAU/USD pulls back before the next leg northFXStreet Forex & Commodities Analysis - 10 hours agoGold price is reversing from over one-month highs of $3,403 reached in early Asia on Tuesday as buyers take a breather, awaiting clarity on potential…
- AUD/USD Price Forecast: No changes to the sidelined themeFXStreet Forex & Commodities Analysis - 21 hours agoThe optimism for the Australian Dollar (AUD) remained in place on Monday, with AUD/USD advancing north of the key 0.6500 hurdle amid the continuation of…
- EUR/USD Price Forecast: Further choppy trade on the cards near termFXStreet Forex & Commodities Analysis - 19 hours agoThe recent optimism in the Euro (EUR) gained momentum on Monday, as EUR/USD successfully retested the area just beyond the crucial 1.1700 barrier, simultaneously reaching…
