The USDCAD stays inside the "Crimson Field" that has confined/outlined the vary since mid-Dec.

The USDCAD has skilled important volatility through the election interval. Yesterday, the pair reached a brand new excessive of 1.4514, the best degree since 2020, whereas the day past noticed a brand new low close to 1.42899, the bottom since mid-December. These strikes briefly broke out of the “Crimson Field” vary, which has outlined buying and selling between 1.42899 and 1.4466 since mid-December. Nevertheless, each extremes rapidly reversed, bringing the worth again inside this vary.

In right this moment’s buying and selling, the worth examined the decrease finish of the vary through the late European morning session, hitting a low of 1.4300—a psychologically important degree—earlier than bouncing again, aided by weaker CAD sentiment following decrease producer value knowledge.

The rebound has pushed the worth towards a key cluster of shifting averages, together with the 100/200-hour shifting averages and the 100-bar shifting common on the Four-hour chart, spanning 1.4381 to 1.43916. This space serves as a essential pivot level for merchants; sellers might defend this zone with stops positioned above it, whereas a break larger would sign elevated management for patrons.

Discover out in particulars, the degrees in play within the brief video. Remember. Be ready.

This text was written by Emma Wang at www.ubaidahsan.com.



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