USDCAD retraces most of the gains for the week and returns to swing area target

The USDCAD on Monday but bounced into Tuesday and Wednesday’s trading. The high price for the week did enter into a swing area going back to October and November 2023 between 1.38397 and 1.3855. From there, buyers turn to sellers in the process since retraced most of the gains and trades back between a swing area support level again going back to October/November but at a lower level between 1.3735 and 1.3765.

The price decline has stalled within that swing area as the market accesses the next “shove”.

The video outlines the technicals in play and explains why….

This article was written by Greg Michalowski at www.forexlive.com.