19.5 C

USDCAD stays within the trading parameters

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The pair is looking to test the high

The pair is looking to test the high

The price action since the back of Canada rate decision, first saw the price dip down toward the swing area between 1.2638 and 1.26527. The pair found support buyers in that area and the price has since rebounded.

We are currently trading to a new session high as I type, and in doing so has moved above the ceiling at 1.2708. The 50% retracement of the move down from the August 20 high is the next target at 1.27204. Get above that level and the door opens up toward the 61.8% retracement 1.27742.

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