USDCAD broke decrease this week. This time to the draw back.
The USDCAD broke decrease this week after two failed upside breakouts within the earlier weeks, which briefly pushed the pair past the “Pink Field” vary between 1.4260 and 1.4466 on tariff-related information. Not like these sharp however unsustained rallies, this week’s transfer decrease has been extra measured, with a gentle decline following the break under the Pink Field’s decrease boundary.
At this time, the pair fell under a key swing space between 1.4194 and 1.4208, which now serves as a close-risk stage for sellers aiming for additional draw back. If bearish momentum continues, the following main goal is a technical cluster between 1.40889 and 1.41063, which incorporates:
- A swing space between 1.40889 and 1.4104
- The 50% retracement of the September 2024 rally at 1.4106
- The 100-day shifting common at 1.4091
This zone is prone to act as a magnet for merchants following this week’s bearish break, making it a crucial stage to look at within the coming periods.
This text was written by Emma Wang at www.ubaidahsan.com.
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