USDCAD corrects into intraday resistance near 1.34306. Will the sellers enter?

USDCAD corrects into intraday resistance near 1.34306. Will the sellers enter?


The USDCAD trended decrease as the value technically broke beneath its 200-day shifting common near 1.3464. It’s 38.2% retracement of the transfer up from the July low was additionally damaged near that stage.

The run decrease was additionally helped by greater CPI information, however after breaking beneath the 100-day shifting common at 1.3398 and the 50% midpoint of the similar transfer greater at 1.3393, sellers turned to patrons and the value corrected greater.

What subsequent?

The value has moved as much as check it falling 100 bar shifting common on the 5-minute chart and the 50% midpoint of the final pattern transfer decrease intraday near 1.3431 (see 5-minute chart beneath). If sellers are to remain in management, staying beneath that space could be required. Absent that, there might be additional upside momentum.

On the draw back, the 100-day shifting common at 1.3399 stays a key stage that may have to be damaged – and keep damaged – to extend the bearish bias going ahead.

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