Earlier today, the pair tested, then broke below the 1.38607 support, triggering further downside and clearing the way for a test of the next swing level at 1.38252. That level has now also given way, and the market is eyeing the extreme lows from 2025, including:
1.37698 (swing low from April 30)
1.37497 (low for year from May 6, 2025)
1.3441 (61.8% retracement of the 2023–2024 rally - not shown)
? Bias: Bearish below 1.3860. Breaks of 1.3825 and 1.3781 increase downside momentum toward the 2025 low extreme zone.
On the upside, 1.3860 now becomes initial resistance, with a broader bearish risk zone up to 1.3891–1.3904. A move back above this range is needed to signal any meaningful shift in control.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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