Monday , 24 February 2025
Home Forex USDCAD retests the high swing area between 1.36049 – 1.36269
Forex

USDCAD retests the high swing area between 1.36049 – 1.36269

The USDCAD is extended to a new session high, and in the process is back testing the swing area between 1.36049 and 1.36269 (the red number circles and yellow area on the chart above). The 61.8% retracement of the move down from the November 2023 hi is also within that area at 1.3623.

Overall, the USDCAD has been in a volatile up and down range with a modest upward bias (trendlines on the chart have the price within a upward sloping channel). Being about the cluster of moving averages is also a tilt to the upside for the pair. However, the price still needs to get above – and stay above – the high of the aforementioned swing area to increase the bullish bias.

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

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Ethereum drops further, under US$2600

ETH/USD update, breaking lower:ETH is just one asset hit by the latest...

Here’s a forecast for S&P 500 to 6600 by end 2025: 3 reasons to shrug off tariff concerns

UBS on Trump's tariffs:We anticipate further volatility amid tariff concernsWe continue to...

Trump Confirms tariffs on Canada, Mexico ‘will go forward’

ICYMI - Trump was asked at a press conference about the tariffs...

Bank of America on tariff inflation – expects a10% price rise for PCs

Bank of America on just one of the inflation impacts US consumers...