USDCAD Breaks 1.4000 Mark, Traders Eye Key Support Levels

UPDATE: The USDCAD currency pair has just plunged below the critical 1.4000 support level, raising alarms among traders. This significant move occurred during the North American trading session yesterday, as selling pressure intensified.

The latest trading data indicates that the price dipped below this key threshold, hitting a low of 1.39840, just shy of the crucial 61.8% retracement level from the recent upswing, which stands at 1.39837. This level has become a focal point for buyers, who quickly pushed the price back up above 1.4000.

Earlier today, during the Asian-Pacific session, the USDCAD briefly rebounded above the 50% retracement level at 1.40135, but this upward momentum was short-lived, as the price rotated back toward lower levels. The subsequent high saw sellers re-emerge, driving the exchange rate down again through 1.4000.

Traders are now closely monitoring this fluctuating currency pair, as resistance is indicated at the 50% midpoint of 1.40135 and the descending 100-hour moving average at 1.40208. Should the price fall below 1.4000 once more, all eyes will turn to the 61.8% retracement target at 1.39837.

The current volatility in the USDCAD market reflects broader economic conditions and investor sentiment, making this a critical moment for traders. As developments unfold, market participants are urged to stay alert for further fluctuations in this key currency pair.

Stay tuned for ongoing updates as the situation evolves.