Technical Analysis – USDCAD decline tests range floor
USDCAD tests 1.4150 floor. A break below 1.4125 eyes 1.3900 & 1.3845 (200-SMA) as momentum fades. Rebound over 1.4200 shifts focus, reviving the broader uptrend.
XM Group
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52 days ago
Overview: Following its rejection from multi-month highs, the pair has been consolidating within the 1.4150-1.4245 range. Weakness in recent sessions has pushed the pair towards the range floor, which coincides with the 20-day SMA. A break below this area could signal a near-term bearish shift within the broader uptrend.
Momentum: The MACD and RSI suggest upside momentum is beginning to fade, while the stochastics point to growing downside potential.
Bearish Scenario: A break below 1.4125 could open the door towards the 1.3900-1.3965 support zone, with the key downside target seen at 1.3845 (200-day SMA).
Risk: A sustained rebound above 1.4200 would invalidate prospects for an imminent downside breakout.
XM Group
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