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Forex

USD/CAD Declines 0.5% Amid Technical Selling Pressure

Guavy AI Editorial Team
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USD CAD
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The US dollar has seen a decline against the Canadian dollar, with the USD/CAD exchange rate dropping by 0.5% today.

This drop is attributed to technical selling pressure, which has persisted despite the pair's longer-term bullish structure.

The moving averages for the short- and medium-term are below the current price of CAD$1.4039, indicating continued selling pressure from sellers.

However, momentum indicators send mixed signals, with MACD suggesting a strong sell but ADX showing a possible upward trend development.

The pair is expected to consolidate between C$1.3964 and C$1.4104, with a move above CAD$1.4058 turning bullish and below CAD$1.4024 signaling downside risk.

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