USDCAD tests 50% of decline from 2021 high | Business News Today

USDCAD tests 50% of decline from 2021 high

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The price moves above the swing zone

The USDCAD has stretched to a new high and in the process moved above the 1.25915 to 1.26038 oscillation zone (see red numbered circles on the chart in 4 hour data), and the 50% decline from the 2021 high at 1.26177. The highest reached 1.2622. The current price is at 1.2615.

Traders will watch the swing zone high for near support at 1.26038. Staying above could see and push back the 50% retracement level.

Moving below, then through the swing zone low at 1.25915, would likely lead to the buyout and sell off.

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USDCAD tests 50% of decline from 2021 high

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