The USDCAD is pushing higher, entering a key swing area between 1.3891 and 1.3904. A break above this zone would open the door toward the 38.2% retracement of the decline from the March 4 high at 1.39229—a critical level, since reclaiming the 38.2% retracement is the minimum threshold for buyers to prove they are regaining control after a strong downtrend. The price decline from the March 4 high was trend like.
Recent price action has been constructive. The pair moved back above both the 100- and 200-bar moving averages on the 4-hour chart (1.37966 and 1.3742), as well as the 100-day moving average at 1.3769. On Tuesday, it also cleared a prior swing area between 1.3812 and 1.38215, further confirming upside momentum.
On the hourly chart, Monday’s dip to the weeks lows took the price briefly below the 100-hour moving average (1.3838) but that break quickly failed, giving buyers confidence to push higher. The pair then broke above the August 1 high at 1.38785, with the rally continuing into today.
For intraday traders, close risk sits at 1.3875 (the August 1 high), while more conservative risk is against the rising 100-hour moving average at 1.3838. The buyers continue to step higher, and momentum stays with them as long as these support levels hold.
This article was written by Greg Michalowski at investinglive.com.Hence then, the article about usdcad technicals the usdcad stretches to new highs for the week 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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