Trades to the highest level since October 1
The USDCAD moved to a new week high today but has backed off. The high price reached the highest level since October 1 in the process at 1.26613.
For the week, the USDCAD traded higher and made new highs each day since Tuesday’s low (although Thursday, the price gave up gains and closed lower).
Looking at the hourly chart, the high took out the high from Thursday at 1.26463 on it’s way to the high at 1.26613. Once the price moved back below the Thursday high, the price has been able to stay below that level (the current hourly bar has been able to stay below that level so far).
ON the downside today, the low reached 1.26097. That low was above a swing area from 1.25915 and 1.26038.
If the price is continue lower, the pair needs to moves below the swing area low at 1.25915. That would also move the price below a rising trend line currently at 1.2599. That is the minimum targets for the sellers to take more control (now and next week).
ON the topside get above the Thursday high and extend further above the 1.26613 would open the door for more upside momentum.