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USDCAD breaks support, pointing to move toward 1.3850

Action Forex says the break below the 1.4000 to 1.395 support zone coincided with a 50% level breakout, reinforcing a downside push.

Reported · Written up by our desk · Major Pairs

Gold broke a resistance zone between 4210 and the 61.8% Fibonacci correction level, prompting Action Forex to flag a further upside move toward the next resistance at 4400.0.

The analysis describes the breakout as accelerating an active short-term impulse move and frames 4400.0 as the target tied to the completion of a larger wave.

Separately, Action Forex also highlighted USDCAD as having broken a support zone between 1.4000 and 1.395.

The outlet said that move could extend a decline toward the 1.3850 support level, noting the support-zone break aligned with a 50% breakout.

Latest closeGold $4,292.00 ▲1.1%

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