USDCAD backs off from ceiling area again

The USDCAD moved up to retest the swing area between 1.36049 and 1.36269. The high price today reached near the low of that ranges at 1.36071 before rotating back to the downside. The price is trading near session lows nos at 1.3578.

Going forward that ceiling area will need to be broken to increase the bearish bias.

On the downside, the low for the week came in at 1.3552. That is above the 50% of the range since the 2023 high at 1.35378. Also on the downside is a cluster of moving averages between its 100 or moving average on the four hour chart at 1.3532, down to the 200 day moving average 1.3491.

Although the price is near its highs going back to December 2023, the ceiling remains a key resistance level that gives the sellers against it some comfort and also control at least in the short term.

This article was written by Greg Michalowski at Source