Despite this resistance near the 200 day MA, the buyers have not given up. A bounce today - after the 2 day decline - started from the swing support area between 1.38917 and 1.3904. That suggests underlying demand remains intact. The buyers are still in play - at lease in the short term. This zone was a ceiling until broken last week and basing. That old ceiling/now floor is helping to define the current consolidation range.
Key technical levels:
Immediate resistance: 1.3967–1.3977
Bias: Cautiously bullish above 1.3904; more bullish confirmation on break of 1.40268
Momentum above 1.3977 could reignite upside pressure, but failure to clear resistance risks renewed downside probing.
This article was written by Greg Michalowski at www.forexlive.com.Hence then, the article about usdcad technical analysis resistance holds but buyers still eye more control was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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