The more recent breakdown in February below 1.4268 was lasted for a week and a half, with the price decline finding support near 1.4150 before bouncing higher back into the Red Box, signaling that buyers are still active at these lower levels.
For upside potential, buyers need to push through the broken 61.8% retracement and the natural resistance at 1.4300. Getting and staying above that level could see more upside probing on the support bounce. Holding and a move through the low target would be the favored path at least in the short term.
Will the support continue to hold and the price start to work to a back higher after testing key support? The dip buyers today are hoping that is the case.
PSS the price of the USDCAD has not traded below the 100 day MA since October 2024
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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