The USDCAD is climbing higher at the start of the new trading week, supported by the USD’s upward momentum. The pair is approaching two significant technical levels: the 100-bar moving average (MA) on the 4-hour chart and the broken 38.2% retracement of November’s trading range.
These levels were breached on Friday, but the move lacked momentum, leading to a pullback toward 1.3878, a key level corresponding to the 2022 high. Notably, on Friday, the price tested this support twice and rebounded, reinforcing its significance.
- Support: 1.3878 (2022 high).
- Resistance: 1.40417 (broken 38.2% retracement of November 2024 range).
Traders will be watching for momentum around these levels to determine the next directional move.
This article was written by Greg Michalowski at www.forexlive.com.
Source link
