Having said that, key resistance from the 100 day moving average at 1.38279, and the 61.8% retracement of the move down from the May high at 1.38335 could provide some levels for short-term sellers to lean/take profit. However, a move above both should give buyers even more confidence to push to the upside.
However, if the market is shifting more to a "buy US dollar mode", there is room to roam to the upside. Having said that, getting above the 100 day moving average is paramount for a more bullish technical picture.
The correction now is still modest, however, we are approaching a key potential turning point for the pair .
This article was written by Greg Michalowski at investinglive.com.Hence then, the article about the usdcad bias remains more bullish with key resistance looming above 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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