USDCAD – Exhaustion Price Action Plays Out | Feb 2
USDCAD – Exhaustion Price Action Plays Out (1hr chart)
Yesterday in our weekly market commentary, we talked about the exhaustion price action in the USDCAD suggesting a likely pullback. As you can see from the chart below, this is exactly what happened with the pair forming a LH (lower high) and breaking the intra-day support at 1.2667.
The next key support levels to watch are 1.2550+ & 1.25. A daily close below 1.2375 likely opens up some fresh downside, definitely tripping some stops. However bids stepping in here with strength likely means 1.2667 and 1.2790 will be under attack.
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