USDCAD runs from the 50% midpoint and swing area low
In an earlier post I pointed out the break into a swing area between 1.3327 to 1.33839. The price also moved above the 50% retracement.
IN the post I said:
“A move back below the 1.3327 level would probably not be welcomed in the short-term.”
The market was seeing the same thing and buyers indeed stalled the subsequent low at 1.3331, just above teh 1.3327 level. Traders leaned as risk was defined and limited. A move below the 1.3327 with momentum was the risk.
The price has moved to a high of 1.33742 (up 41 pips from the 1.3331 level). The 1.33839 is the next target. Above that, and the 1.34174 is the next target (swing high from September 20, 2020 high. .
Going forward, a move back below the 50% and the 1.3327 is still the risk. Buyers are in control and building more upside momentum.