Trades to the highest level since May 13
The USDCAD moved up to its highest level since May 13 today. The high price reached 1.2198 – just short of the natural resistance at 1.2200. At the high, the pair was also in a swing high area between 1.21927 and 1.22027 that extended back to early May (see green numbered circles). The inability to extend above that area give sellers a reason to lean.
The price decline has now moved below the 50% retracement of the move down from the May high at 1.21785. That level is also near the high price from Friday’s trade at 1.21765. Stay below the 50% level would give sellers more confidence at the intraday high has been reached.
On a more bullish side, the price lows yesterday and again today did fall below a swing area between 1.2132 and 1.2144, but each decline failed. The price is also stayed away from its rising 100 hour moving average.
Drilling to the five minute chart below, the correction move lower as stalled near the 38.2% retracement of the days trend like move higher. That’s encouraging for the buyers. The price also stalled just ahead of its rising 100 bar moving average at 1.21686. Stay above each of those levels keeps the buyers in play.
Source:https://www.forexlive.com/technical-analysis/!/usdcad-find-sellers-near-swing-area-20210615
