Buyers in the USDCAD taking a breather

Technical Analysis

The USDCAD has raced higher in trading today and in the process really had limited corrective price action. There was a brief consolidation after the better-than-expected GDP, but it has been racing back to the upside over the last few hours. However, the last 20 minutes have seen a rotation to the downside. The buyers are taking a breath.

What next?

When the market trends, I like to watch the 38.2% – 50% correction zone of the last trend leg. That leg started at 1.3536 and extended up to 1.3645. The 38.2% retracement comes in at 1.36037 while the 50% retracement comes in at 1.35909. That area between 1.35909 to 1.36037 is the correction zone. If the price can hold that area, the buyers remain in firm control.

Articles You May Like

Solana meme coin casino: The high stakes world of crypto fun
Nasdaq index closes at a new record high. S&P and Nasdaq close lower today
Reminder: It is a holiday-shortened week for a number of markets
Light Week Ahead with Dollar Rally Awaiting PCE Inflation Insights
China’s Industry Minister with very upbeat comments