The USDCAD trended higher over the past six trading days, reaching a high of 1.41398 yesterday after rising from a low of 1.3887 six days ago. However, momentum has since slowed, with the bias shifting slightly in favor of the Canadian dollar as markets reacted to Supreme Court arguments suggesting that the justices may curb the president’s authority to impose tariffs unilaterally—a decision expected early next year.
In my post late yesterday, I outlined the key downside targets that sellers would need to break to regain control:
The October high at 1.4071
The rising 100-hour moving average (blue line, currently near 1.40729)
A swing area between 1.4060 and 1.40668
Today’s low reached 1.4090, about 11 pips short of the first target, before rebounding back above 1.4100. When a high forms after a strong trend, the burden of proof shifts to sellers—they must push below key technical levels to reclaim control. While some sellers from yesterday’s highs may still be holding modest gains, they have not yet established firm technical control, leaving them uneasy and buyers still in command.
The current pullback marks the largest corrective move since the start of the rally, but until those downside levels give way, it remains just that—a correction within a broader bullish trend. Stay alert.
This article was written by Greg Michalowski at investinglive.com.
Chicago Fed President Austan Goolsbee expressed concern that the ongoing data blackout caused by the government shutdown could hinder the Fed’s ability to judge inflation accurately. Speaking on CNBC, he said the lack of near-term readings makes him “more uneasy” about continuing with interest-rate cuts. “If there are problems developing on the inflation side, it’s […]
The post Fed’s Goolsbee: Lack of inflation data raises caution on rate cuts appeared first on Action Forex.
The Bank of England’s committee decided to keep their main interest rate (Bank Rate) at 4%, which is what most people expected. However, the vote was close (5 members for keeping it, 4 members wanted to cut it by a small amount), showing that more people on the committee are leaning towards lowering rates. For […]
The post BoE Hold Rates Steady in Close 5-4 Vote Split, GBP/USD Continues Rally appeared first on Action Forex.
Daily Pivots: (S1) 0.6472; (P) 0.6493; (R1) 0.6526; More… Intraday bias in AUD/USD is turned neutral first with current recovery. Fall from 0.6706 could still extend lower, but strong support would likely be seen from 0.6413 cluster (38.2% retracement of 0.5913 to 0.6706 at 0.6403) to bring rebound. Above 0.6616 will bring retest of 0.6706. […]
The post AUD/USD Daily Report appeared first on Action Forex.
End of content
End of content