USDCAD Bears Step Back Amid Ongoing Downward Trend
Friday, 9 August 2024, 04:32
Current Performance of USDCAD
The USDCAD currency pair has seen a notable drop since reaching a 22-month high of 1.3945. It is now approaching its 50-day SMA at 1.3730, making this the worst-performing week of the year.
Market Trends
- Resistance trendline has been broken.
- Current bearish momentum indicates potential future declines.
- The market sentiment remains heavily influenced by external factors.
Conclusion
While the bears have temporarily paused, the sentiment in the market suggests this is not the end of the bearish trend for USDCAD.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.