USDCAD Bears Step Back Amid Ongoing Downward Trend

Friday, 9 August 2024, 04:32

The USDCAD currency pair has experienced a significant decline since hitting a 22-month high of 1.3945. Currently, it is trending towards its 50-day Simple Moving Average (SMA) of 1.3730. This week marks the lowest performance for USDCAD in 2023 as market dynamics play a critical role. Despite this pause, bearish sentiment remains prevalent, indicating that further declines may still be on the horizon.
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USDCAD Bears Step Back Amid Ongoing Downward Trend

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.


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