USDCAD REBOUNDS STRONGLY ABOVE 200 - DAY SMA
USDCAD has been generating a structure of
lower highs after peaking at the 2023 high of 1.3860 in mid-March.
Although the pair managed to
bounce off its May low and reclaim the 200-day simple moving average (SMA), the developing bearish flag pattern is indicating that the
price could soon experience a bearish breakout.
The momentum indicators currently suggest that despite the recent bounce, near-term
risks remain tilted to the downside. Specifically, the RSI rebounded but failed to
cross above the 50-neutral mark, while the MACD is holding below zero and its red signal line even after gaining significant ... (
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