Looking at the weekly chart, the USDCAD has dipped into a key swing area dating back to 2016, which spans between 1.3411 and 1.3514. Today’s low reached 1.3495, with a modest bounce currently taking the pair to around 1.3504.
The pair also fell through a swing area between 1.3505 and 1.3514, reaching a session low of 1.3495. These broken levels now act as near-term resistance, and traders will be watching them closely. A move back above 1.3514, and especially the 61.8% level at 1.3529, would be a disappointment for sellers. That retracement level has been tested multiple times this week — including lows on Tuesday and yesterday — and today’s break adds to its technical significance going forward.
That 61.8% area the key area now and going forward. Stay below and more momentum to the downside can be anticipated. Move above and the technicals tilt more to the upside at least in short-term.
This article was written by Greg Michalowski at www.forexlive.com.Hence then, the article about gbpusd moved down to swing area on the weekly chart 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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