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USDCAD rebounds off 50% retracement support

The USDCAD is moving higher as sellers over the last few days cover some short against a support target defined by the 50% midpoint of the move up from the October low to the October high. That midpoint comes in at 1.3733. Also near the midpoint is a swing area between 1.3735 and 1.3743. The low price yesterday - and in the 1st hour of trading today - came in at 1.3735. The current price is trading at 1.37579 as shorts cover. The next upside target comes at 1.3772 (the broken 38.2% retracement)... Read More

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Content Topics

Usdcad

Rebounds

Retracement

Support

Forex

Posted: Nov 3 2023, 01:12

Author Name: forexlive

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