USDCAD retreats as dollar selling strengthens, technicals indicate bearish momentum ...Middle East

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USDCAD retreats as dollar selling strengthens, technicals indicate bearish momentum
source : forex live ( Middle East ) () 18
The USDCAD currency pair is experiencing a decline, reaching new lows in today's trading session, influenced by a broad sell-off in the US dollar across the Forex market. Currently, the pair is moving away from the 38.2% Fibonacci retracement level of the upward trend that began in July 2023, a significant level located at 1.35902. This level is now acting as a pivotal point for short-term risk assessment.The ability of the USDCAD to stay below this 38.2% retracement is a critical indicator that sellers are gaining momentum and potentially taking control of the market direction. This makes the 38.2% level a key determinant for future market bias and risk evaluation.Additionally, traders are

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