Today, however, the price has slipped back into that same zone, with the low reaching 1.3823 — right in the middle of the support band. Just below, a cluster of moving averages adds importance, including the 100-bar MA on the 4-hour chart at 1.3804, the 100-day MA at 1.3768, and the rising 200-bar MA on the 4-hour chart.
On the topside, holding support here keeps the focus on the 38.2% retracement of the March-to-July decline at 1.3923. Last week, the pair tested that level ahead of Fed Chair Powell’s speech but failed to break through, leading to the latest rotation lower.
That failure underscores the importance of the retracement as a ceiling and leaves the downside bias in play for now. With the moving averages converging below, the battleground between buyers and sellers is clearly defined — but the burden remains on buyers to defend support if they are to turn momentum back in their favor.
This article was written by Greg Michalowski at investinglive.com.Hence then, the article about usdcad technicals the usdcad back into swing area support ma support eyed 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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