USDCAD steadies below 1.3800 after pullback from six-week highs
USDCAD stabilises after a sharp retreat, holding above the trendline; will bulls reclaim the monthly swing high to resume the broader uptrend?
XM Group
|
97 days ago
Overview: The pair is stabilising after the previous session’s sharp pullback from its highest level since April 13 at 1.3870, now trading near 1.3785 while still holding above the medium-term rising trendline.
Momentum: Indicators maintain a bullish bias and support the upside, suggesting buyers remain in control despite the recent pause in momentum.
Bullish scenario: If the rebound holds, a move above the 200-day SMA near 1.3800 could expose the monthly swing high at 1.3870. A break above 1.3900 and then toward 1.3965 would likely pave the way for an extension of the broader uptrend.
Risk: A drop below the rising trendline toward 1.3750, and then 1.3700, would shift the bias to negative, exposing risks toward multi-week lows.
XM Group
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