The USDCAD moved sharply higher yesterday and on Friday as yields moved higher in the US. However after moving up to test the January 17 high at 1.35411, and extending to 1.3543, sellers leaned in front that the price lower for the 1.3504 level in the Asian session today.
Since then, the price has rebounded to retest the highs, but sellers again leaned against those high levels. The price currently trades below a swing area between 1.3526 and 1.3543 (highs going back to January 17).
Can the sellers keep the pressure on?
On the downside, the low price at 1.3504 is the next target. Below that, traders would start to look toward the 200-day moving average at 1.3479
This article was written by Greg Michalowski at www.forexlive.com. Source