USD/CAD Rebound Stalls, Downside Risk Remains

George Solotarov
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USD/CAD Rebound Stalls, Downside Risk Remains

The USD/CAD pair experienced a brief counter-trend rally following its September 24 low. However, the rebound has stalled, suggesting a potential resumption of the downtrend.

Technical Analysis:

  • Potential Downside Continuation: A break below 1.3457 could confirm a return to the downtrend, with potential targets at 1.3420 and the range lows between 1.3222 and 1.3106.
  • Measured Move Pattern: The pair appears to have formed a measured move pattern, which suggests a downside target of at least 1.3326.

Overall Outlook:

While a short-term correction is possible, the medium-term trend for USD/CAD remains bearish. Traders should monitor technical indicators for signs of a trend reversal.

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