Last week, the pair broke above the high of the "Red Box" and, fueled by tariff news over the weekend, surged to its highest level since 2003. However, that move has been retraced following Mexico’s 30-day tariff reprieve, followed by a similar move for Canada.
Key Technical Factors:
Support: The lower boundary of the "Red Box" remains a key support area.Resistance: The 200-hour MA, which sellers have leaned on today, is now a key resistance level.While sellers have controlled the momentum, this extreme low area could attract buyers, especially given the uncertainty surrounding the 30-day tariff reprieve. With Trump’s unpredictability, risks remain, and any shift in sentiment could trigger a bounce. Traders may look for buying opportunities with stops below this key support zone.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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