In the post yesterday on the USDCAD, I spoke of support on the daily chart going all the way back to February 2024 and March 2024. Those lows came in at 1.3412 and 1.3419. Yesterday the low price reached 1.34189, and started to bounce. In that same post I talked about target levels at 1.3465 and 1.3486. The 1.3486 was a swing level going back to August that had a number of different swing highs and swing allows.
By the close yesterday, the price was banging against that upper target and in the early Asian session, the banging against resistance continued. Buyers could not get above that level, and the sellers took over – pushing the price back down toward the 1.3465 level.
Since then, the price has been trading up and down. In the North American session, the price moved back toward the 1.3486 level and briefly moved above that level to a high of 1.3489 but found sellers once again.
The buyers and sellers are battling it out between 1.3465 and 1.3486. In the video above talk to the technical levels in play and explain in detail their importance.
This article was written by Greg Michalowski at www.forexlive.com. Source