USDCAD fortifies short-term bullish structure

From xm.com

video USDCAD charted a new higher high at 1.2589 on Thursday, signaling that the trendline cracked in June could be something more than temporary. The bullish cross between the 20- and 50-day simple moving averages (SMAs) is endorsing the above narrative but technically, a sustainable move above the previous high of 1.2652 is needed to invalidate the long-term downtrend and hence bring new buyers into the market. The 200-day SMA and the 23.6% Fibonacci retracement of the March 2020 – May 2021 downfall are in the neighborhood as well at 1.2634, enhancing the upward burden in the area. More advances are possible ... (full story)