By Admiral Markets
After a strong drop below 1.3385 level caused by USD profit taking and Fed being less hawkish than expected, the USD/CAD is stabilizing in a range bound market condition where the price is trapped between 2 POC zones. POC for possible buying is 1.3265-85 (L4, historical buyers, ATR pivot) while sellers should appear at upper POC 1.3375-90 (Ema89,ATR top, H5, weekly L4). At this point the price is in no man’s land but Friday profit taking should give boost to volatility and zones should be reached.
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Article by Admiral Markets
Source: USD/CAD Trapped in a Range Bound Price Action
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