USDCAD has been trading within the range of 1.3590 and 1.3780 since the start of May 2024.
With the price action indicating a potential rejection of the resistance level, weakness in the DXY could see the USDCAD continue to reverse lower.
A consideration as a trigger for the reversal is if the price breaks through the 23.60% Fibonacci retracement level and the previous swing level at 1.3735.
However, the downside is likely to be limited at the 1.3590 price level, due to the 50% and 38.6% Fibonacci retracement level from the shorter and longer term move forming a confluence with the bullish trendline around the support area.
With the price action indicating a potential rejection of the resistance level, weakness in the DXY could see the USDCAD continue to reverse lower.
A consideration as a trigger for the reversal is if the price breaks through the 23.60% Fibonacci retracement level and the previous swing level at 1.3735.
However, the downside is likely to be limited at the 1.3590 price level, due to the 50% and 38.6% Fibonacci retracement level from the shorter and longer term move forming a confluence with the bullish trendline around the support area.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Join my mailing list jindaotai.com/joinme
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.