Forex news and forex forecasts

12/01/2021 18:101

USD/CAD trads with a negative bias2

The USD/CAD pair witnessed some selling on Tuesday and extended the previous day's rejection slide from the 1.2835 confluence resistance. The mentioned region comprised of 200-period SMA on the 4-hourly chart and the 61.8 Fibonacci level of the 1.2958-1.2630 recent downfall. The pair remained depressed through the early North American session, albeit managed to rebound around 30-35 pips from lows and was last seen trading near the 1.2760-65 area. Given the overnight breakout through a falling wedge, the near-term bias remains tilted in favour of bullish traders.3