Technically, the pair started the day with a brief push higher, moving momentarily above the 200-hour moving average (green line). This level also capped the rally on Monday, when the price rose above both the 200-hour MA and the 50% retracement of the May range, but failed to sustain the move. That failure turned the bias lower, shifting sentiment from buyers to sellers.
The current decline is taking the pair back toward the year-to-date low at 1.3684, set on Monday and marking the lowest level since October 2024. On the daily chart, a break below that low would expose an upward-sloping trend line near 1.3644. A decisive move below that level would deepen the bearish bias and further shift control to the sellers.
On the topside, it would now take a move back above the broken swing area between 1.37498 and 1.37724 to give buyers some hope. However, a move back above the 100 and 200 hour MAs would also be required to give the buyers more control.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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