The USDCAD shifted its technical bias to the downside yesterday after re-entering the “red box” and breaking below a swing area near the top of this range (between 1.3784 and 1.3803). The “red box” largely defined the trading range from mid-April to mid-July, before the price broke higher, reaching the year’s high at 1.39458.Yesterday’s decline also saw the pair fall below the 50% midpoint of the move from the July low to Monday’s high near 1.39458. This midpoint level is at 1.37669. However, the selling found support, with buyers stepping in near the 200-bar moving average on the 4-hour chart and the 61.8% retracement of the same move higher from the July low, around 1.37247.Since then, the
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