USDCAD continues to respect the ceiling


USDCAD Cap Blocks Rally Today

The USDCAD hit a high of 1.32072 on September 1 and 1.3208 on September 8. Today’s high on the hourly chart above hit 1.32054, a few pips below previous highs.

The 3-week ceiling is respected and as a result, the level technically increases in importance. It will take a movement overhead to angle the bias more upward. However, also note that the July 14 high at 1.32228 looms above and should also be broken. Nonetheless, sellers can build on the recent high with a stop on a break above in hopes of a move above 1.32228 to follow thereafter. The current price is trading at 1.3171.

This would give more comfort to sellers. On the hourly chart above, watch the area from 1.31317 to 1.31488 (see numbered green circles). Although the price traded above and below this level from August 30 to September 8, the zone has a number of oscillating lows/highs in this zone. A move below should see more selling momentum with the 200 hourly MA at 1.3099 as the next key target followed by another swing zone between 1.3072 and 1.30943.

For now though, the pair is trading in the upper extreme zone with a high at 1.3208 and a low at 1.3137 as the wide range.


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