USDCAD Technicals: Worth of USDCAD strikes again into an previous consolidation space.

The USDCAD moved greater yesterday however met regular promoting curiosity close to its 100-day shifting common. Sellers defended that stage and drove the pair decrease into the shut.

Right this moment, the promoting has continued, pulling the worth again into a well-recognized “consolation zone” the place most buying and selling occurred between early June and late July (see pink field on the chart above). The highest of that vary aligns with the 38.2% retracement of the rally from the July 23 low, coming in at 1.3762. Within the brief time period, 1.3762 would be the key stage to look at for directional bias. Transfer again above that stage may give patrons consolation from the failed break. Staying beneath and the top of the transfer up from the July 23 low at 1.37268 turns into the following goal to get to and thru.

Sellers are making a play. Can they hold the momentum going?

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This text was written by Emma Wang at investinglive.com.