USDCAD Drills into Support
USD/CAD is responding to confluent support this week a the 38.2% retracement of the 2023 December advance at 1.4176- Looking for possible price inflection off this mark.
Resistance now back at the 38.2% retracement of the recent decline at 1.4396. Rallies should be capped by this level IF price is heading lower on this stretch. Ultimately, a close above the 75% parallel is needed to threaten uptrend resumption towards key resistance at 1.4538/47.
A break / close below the median-line would suggest a more significant high was registered this month / a larger trend reversal is underway. Subsequent support at the 2016 high-week close (HWC) at 1.4115 and 1.3985.
-MB
Resistance now back at the 38.2% retracement of the recent decline at 1.4396. Rallies should be capped by this level IF price is heading lower on this stretch. Ultimately, a close above the 75% parallel is needed to threaten uptrend resumption towards key resistance at 1.4538/47.
A break / close below the median-line would suggest a more significant high was registered this month / a larger trend reversal is underway. Subsequent support at the 2016 high-week close (HWC) at 1.4115 and 1.3985.
-MB
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