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Analyzing USDCAD's Recent Fluctuations: Is the Bullish Momentum Waning?


3 November 2023 Written by Anna Segal  Finance Industry Expert Anna Segal

The USDCAD currency pair has recently seen an impetus, surging to a commendable 3-year apex of 1.3898. However, the recent trading activity reveals a downward tilt, marking its third successive decline. This comes after a substantial leap from its nadir on July 14 at 1.3091. While the upward trajectory has been aggressive, market speculators suggest the bulls might be practicing caution this week due to impending key events.

Diving Deeper into the Price Dynamics:

Conclusion

While the USDCAD experienced a notable bullish advance, recent patterns suggest the bears are mounting a comeback. With several critical events on the horizon and evident shifts in momentum indicators, traders should tread cautiously, staying attuned to both technical and fundamental signals to navigate the evolving landscape.

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