Written by David Song, Currency AnalystĭailyFX provides forex news and technical analysis on the trends that influence the global currency markets. New to the currency market? Want a better understanding of the different approaches for trading? Start by downloading and reviewing the DailyFX Beginners Guide !Īre you looking to improve your trading approach? Review the ' Traits of a Successful Trader ' series on how to effectively use leverage along with other best practices that any trader can follow. Break/close below the 1.2720 (38.2% retracement) to 1.2770 (38.2% expansion) region opens up the next area of interest around 1.2620 (50% retracement), with the next downside hurdle coming in around 1.2440 (23.6% expansion) to 1.2510 (78.6% retracement), which sits just beneath the April-low (1.2527).The recent rebound in USD/CAD may continue to unravel as it produces a failed attempt to test the monthly-high (1.2998), and the bearish tilted in the Relative Strength Index (RSI) raises the risk for a larger pullback in dollar-loonie as the exchange rate cares a fresh series of lower highs & lows.
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