The USDCAD extended toward the May high at 1.3784. The price of the USDCAD got within about three pips of that high and found willing sellers, the price has rotated modestly to the downside but the inability to move above that level puts a temporary feeling on the pair for now. They move back down toward the swing area between 1.3734 and 1.3742 (highs going back to May 22) cannot be ruled out. However if the buyers are to stay in control they must stay above that area making it a key risk- defining level for the pair.
Find out all about it in the above video.
This article was written by Greg Michalowski at www.forexlive.com.
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