The USDCAD is bouncing higher after some consolidation on Friday after the stronger-than-expected Canadian jobs report. Technically, the price has moved into a swing area between 1.3784 and 1.38036 (see red numbered circles on the chart below).
That area goes back as far as April 2024. The price also moved away from a swing area between 1.3753 and 1.3764 and also its 61.8% retracement of the move down from the August high at 1.37454.
All those levels would need to be broken on the downside for the trend to lose some of its momentum. Absent that progression lower, the buyers are still more in control and the trend (which is fast, directional and go farther than expectations)continues.
Don’t mess with trends and since October 2 when the price bottomed at 1.3472. Since then, the price has moved to a high today of 1.3800 That is over 8 trading days. Not a bad move in a short period of time.
This article was written by Greg Michalowski at www.forexlive.com.
Source link
