Technical Analysis – USDCAD falls from 4½-year high
- USDCAD declines from 1.4100 again
- RSI moves horizontally below 70
- MACD still in bullish momentum
USDCAD has successfully broken the 1.4100 psychological mark earlier today, taking the market towards a fresh four-and-a-half-year high of 1.4176. The price rose around 1.5% only in just one 4-hour session but is currently turning lower.
The RSI indicator is mirroring the latest pullback, flattening beneath the 70 level; however, the MACD oscillator is still extending its bullish momentum above its trigger and zero lines.
If the pair continues to head south, the first restrictive region to meet is the 1.4020-1.4035 area. Slightly lower, the 50- and the 20-period simple moving averages (SMAs) at 1.4010 and 1.4000 may pause the declining move.
On the other hand, a rally could open the door of a retest of today’s top at 1.4176 ahead of the 1.4300 round number.
In brief, USDCAD has experienced a notable bullish move earlier but will it remain above 1.4100?
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