The downside momentum accelerated yesterday and continued into today, with the pair breaking below the 50% retracement of the September 2024 low to the recent high, located at 1.4108. That level now acts as close resistance. Stay below is more bearish. The price is at 1.4062 currently.
A break below the 200-day MA would further shift the bias to the downside and could open the door for deeper retracements. Until then, short-term momentum remains with sellers, but key support is nearing.
Resistance: 1.4108 (50% retracement), Swing area between 1.41498 and 1.41789.
Bias: Bearish below 1.4108, with focus on 1.4009 and 1.39968 for a support test
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
Finally We wish PressBee provided you with enough information of ( USDCAD pressured lower as sellers stay in control below key MAs. Low for the year is eyed. )
Also on site :