Source: Bloomber Finance L.P. Measure Level DoD 5yr UST 4.08% -4bp 10yr UST 4.48% -3bp 5s-10s UST ...
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USDCAD has recovered from its recent lows. Despite the recovery, the trend condition remains bearish and short-term gains are considered corrective. A fresh cycle low on Tuesday reinforces the bearish theme. Potential is seen for a move towards 1.3744, a Fibonacci retracement. Note that moving average studies are in a bear mode position, highlighting a dominant downtrend. Key resistance is seen at 1.4041, the 50-day EMA.