USDCAD sellers attempted to surpass the 50% decline from the March high, as indicated on the 4-hour chart today, but couldn't maintain a downward momentum. The decline in prices stalled against the peak of a swing area ranging between 1.3553 and 1.3566. Since then, the price has rebounded back above the 50% retracement level, shifting the control back to the buyers.
Now, the question for traders is whether the buyers can sustain a level above the midpoint at 1.35808? This forms the current risk for buyers looking for more upset momentum.
For a visual representation, refer to the 4-hour chart below. For a more detailed explanation of these developments, watch the explanatory video.
USDCAD above the 50% midpoint