The USDCAD is moving higher in trading today, and in the process has been able to extend above the 38.2% retracement of the move down from the December high to the December low. That level comes in at 1.33451, and represents a close risk level for traders looking for more upside in this pair.
On the topside the high price going back to December 20 at 1.3371 is the next target, followed by the 50% midpoint of the same move down from the December 12 at 1.33971.
IN this video, I outline the levels in play for traders today. The buyers are making a play. Can they keep that control in the short term?
This article was written by Greg Michalowski at www.forexlive.com. Source