In today’s trade, the pair consolidated for much of the session around the 100-hour MA and the 38.2% retracement of the May–June decline (1.3722). After spending time moving above and below those levels, USDCAD gained upside momentum and is now stretching higher, away from that technical congestion zone. The next upside target sits at the 50% midpoint of the larger decline, located near 1.3781—a level that will be key for further bullish extension.
Key levels:
Resistance: 1.3781 (50% retracement), then 1.3814 and 1.3860
The bullish momentum holds while the price remains above broken resistance-turned-support near 1.3727.
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 rebounds after volatile drop – bulls push price toward key resistance )
Also on site :