USDCAD consolidation sets up for a break next week.What levels are key for traders and why ...Middle East

The USDCAD has been trending higher and higher, but the momentum has been slowing. One catalyst has been key resistance at the 2024 high. That level was reached back in August at 1.39458 and the high prices this week have stalled just short of those levels. That has put a ceiling on the topside. Of course, ceilings can be broken and if done, traders will quickly be looking toward the highs from 2022 at 1.3977. Move above that level and the USDCAD's door opens for more upside momentum with the pair trading at the highest level in over 4 years (May 2020). When the market trends, the counter-trend traders need to prove they can take back control. Putting it simply, if the sellers cannot take

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Last updated : 01 Nov 2024 clock 06:45 PM

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USDCAD consolidation sets up for a break next week.What levels are key for traders and why ...Middle East

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