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USDCAD's upturn is still lackluster
USDCAD has been tip-toeing higher since its downward pattern that started after April’s peak stalled near the 1.3588 level last week. Traders remain skeptical near the 1.3630 barrier and the 50-day SMA, as reflected by the soft price momentum. Interestingly, the 61.8% Fibonacci retracement of the November-December 2023 downleg is in the neighborhood too. Additionally, the recent upturn in the RSI hasn’t stretched above the 50 neutral mark, and the MACD remains in the negative region, signaling that selling interest hasn’t completely diminished. Yet, the rebound in the stochastic oscillator that took place near ... (full story)