The USDCAD fell to a new cycle low and moved into a swing area between 1.3298 to 1.3320. The low price has reached 1.33146. The price has bounced back as traders leaned in the swing area on the first test. The price is back above the high of the swing area and trades at 1.3324.
It will take a move below the 1.3298 level to give the sellers more confidence.
Yesterday, the price high reached 1.33997. That grazed the broken 61.8% of the move up from the July 2023 low at 1.33999. Staying below that level kept the sellers more in control.
Overall, with the low of the swing level at 1.32981 and the 61.8% at 1.3399. The traders are battling between the two “big figures” (at 1.3300 and 1.3400).
This article was written by Greg Michalowski at www.forexlive.com. Source