Technical Analysis

USDCAD back up to the familiar ceiling area.

Sellers leaning again…

The USDCAD’s ups and downs continue (see post from yesterday).   As per the post from yesterday, the run lower yesterday, fell below support at 1.32966 on the way to 1.3275 area before snapping higher. Getting above the 100 and 200 hour MA was an intermediate hurdle/bias area for the bulls and bears.  Today, the price based at both those lines before moving higher.

The high for the day, did what it was supposed to do and stalled the rally near the previous highs for the month between 1.3395-1.3402.  The high today reached 1.3399.

Taking a broader look at the daily chart below on a move higher, the 1.3436, 1.3450 and 1.34652 are upside target.

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