The USDCAD have been able to run higher yesterday helped by higher US rates. The run higher has taken the price above its 100 bar moving out on a 4-hour chart and 50% midpoint of the trading range since mid April near 1.3716, and up toward a swing area and 61.8% retracement of the same range since April near 1.3745.
Sellers leaned against the higher target. The price is rotated marginally lower.
What next?
In this video, I outline what needs to be done for the buyers to take more control. Conversely, for sellers, this is the area to lean against if expectations are for the up-and-down trading range to continue in the USDCAD pair.
This article was written by Greg Michalowski at www.forexlive.com.
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