USDCAD runs up for the 2nd consecutive day. Looks to test swing area resistance.

The USDCAD is up strongly for the 2nd consecutive day. The price has run up from a low of 1.35608 intraday to a high of 1.3667. At the higher the prices testing a swing high going back to April 28. There is intraday support near 1.3639 which corresponds to swing highs going back to August 25, and August 29. Below that, the 38.2% retracement of the run higher today comes in at 1.36265.

It would take moves below those levels to give the sellers some confidence. Absent that, and the buyers are still in control with the high price from September 7 at 1.3694 the next key target.

This article was written by Greg Michalowski at Source