USD/CAD Bears Unleashed: Navigating the Bearish Momentum
USD/CAD Bears Unleashed: Navigating the Bearish Momentum
The USD/CAD pair maintains its downward trajectory, securing another leg of the bearish journey after encountering resistance at the pivotal 1.3400 level. The 50% Fibonacci level once again proves to be a significant turning point, serving as a robust barrier within the 50% - 61.8% Fibonacci resistance zone. As the pair adheres to its prevailing downtrend, the US Dollar (USD) finds support from elevated US Treasury bond yields, positioning itself close to a three-week peak established last Friday.
The benchmark 10-year US government bond yield remains steadfast above the 4.0% threshold, reflecting diminished expectations for a more aggressive policy easing by the Federal Reserve (Fed). This favorable environment acts as a tailwind for the Greenback, consequently bolstering the USD/CAD pair.
In our technical forecast, we maintain a bearish outlook, anticipating the ongoing bearish momentum to persist as the pair navigates the complexities of the market landscape.
Our preference
Short positions below 1.3530 with targets at 1.3300 & 1.3200 in extension.
The USD/CAD pair maintains its downward trajectory, securing another leg of the bearish journey after encountering resistance at the pivotal 1.3400 level. The 50% Fibonacci level once again proves to be a significant turning point, serving as a robust barrier within the 50% - 61.8% Fibonacci resistance zone. As the pair adheres to its prevailing downtrend, the US Dollar (USD) finds support from elevated US Treasury bond yields, positioning itself close to a three-week peak established last Friday.
The benchmark 10-year US government bond yield remains steadfast above the 4.0% threshold, reflecting diminished expectations for a more aggressive policy easing by the Federal Reserve (Fed). This favorable environment acts as a tailwind for the Greenback, consequently bolstering the USD/CAD pair.
In our technical forecast, we maintain a bearish outlook, anticipating the ongoing bearish momentum to persist as the pair navigates the complexities of the market landscape.
Our preference
Short positions below 1.3530 with targets at 1.3300 & 1.3200 in extension.
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🔥 USA ZERO SPREAD BROKER: forexn1.com/usa/
🔥 UP to 4000$ BONUS: forexn1.com/broker/
🟪 Instagram: instagram.com/forexn1_com/
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.