The USDCAD is pushing higher but continues to find resistance near the-yesterday at 1.3864. The price has rotated down and is currently back down near the-April. Recall last weekthe price did move above that level but quickly rotated to the downside on two separate occasions. Yesterday the price moved above that level in rotated at below in trading today, but then bounced again and ran to the high from yesterday.
At some point, buyers may become frustrated if the price should move back below the April low. So what’s that level. If broken, and more momentum ensues, we could see rotation back down toward the 1.3784-1.3803 area.
This article was written by Greg Michalowski at www.forexlive.com. Source