The USDCAD extended higher yesterday and again earlier today, but both rallies have stalled just ahead of a key resistance confluence. The area of interest includes:
The 200-day moving average, currently near 1.40111
The swing area resistance between 1.4009 and 1.4027
Today’s high stopped at 1.40157 before rotating back lower
This zone has now rejected buyers on two separate occasions, reinforcing its role as a critical barrier that bulls must break to extend the upside bias. A clean move above 1.4027 would open the door toward the 38.2%% retracement of the move down from the March high at 1.40525, with other key resistance around the 50% and swing area between 1.4146–1.41836.
On the downside, the initial support now comes in near 1.3978, where the 200-bar moving average on the 4-hour chart lines up with the old swing high from April 15. Holding above that level keeps the rebound and short term bullish bias intact. A move below it, however, could trigger a deeper correction down to 1.389172 1.3904 swing area.
Key technical levels:
Resistance: 1.4009–1.4027 (200-day MA + swing), 1.40525 (38.2% retracement), 1.4146 to 1.41836 (50% and swing area)
Support: 1.3978 (4H 200-bar MA/old high from April 15), 1.38917 – 1.3904 (swing area)
Bias: Neutral to bullish above 1.3978; stronger bullish bias only above 1.4027 and then the 38.2% retracement at 1.40525
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 retests the 200 day MA/swing area and finds willing sellers. )
Also on site :
- UnitedHealth Group CEO steps down; suspends 2025 outlook on higher-than-expected medical costs
- Kurdish leader Ocalan told the PKK to disband, it did: Here’s what to know
- New open world action-RPG Silver Palace is about playing detective and curb-stomping demons