USDCAD found support yesterday at 1.4268, a key level marking the lower boundary of the “Red Box” range that has contained price action since mid-December. Buyers leaned against this area, leading to a rebound in today's session.
The upside move has met resistance at the 200-bar moving average on the 4-hour chart at 1.4333, where sellers have so far stalled momentum. A break above this level would open the door toward the next upside targets:
For buyers, clearing these levels would strengthen bullish momentum, with potential for further upside continuation. However, failure to break above the 200-bar MA could see a return to downside testing, with the 1.4268 support zone back in focus.
Key Technical Levels:
Resistance: 1.4333 (200-bar MA on 4H), 1.4345 (50% retracement), 1.4374 (200-hour MA), 1.4376 (100-bar MA on 4H)Support: 1.4268 (Lower range support)Momentum favors further gains if buyers can push above the 200-bar MA, but failure there could keep the pair within the broader range.
The video above, explains the technicals in play and also explains why they are so important.
This article was written by Greg Michalowski at www.forexlive.com.Hence then, the article about the usdcad is moving higher after bouncing off familiar support yesterday 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.
Read More Details
Finally We wish PressBee provided you with enough information of ( The USDCAD is moving higher after bouncing off familiar support yesterday. )
Also on site :
- Seizure of Russian-flagged oil tanker: what we know so far
- 'TV star Nick Owen recovering from second cancer scare - Midlands Today presenter reveals he has had surgery for disease in his kidney
- Fatal I-55 crash shuts down lanes in southwest suburbs; ‘major' traffic backups expected