Stalls near support
The EURCAD got into the selling action as well after the BOC decision.
For it, looking at the daily chart below, the price stalled near the swing lows from July at the 1.4478 and the 200 day MA at 1.44877. The low on my chart bottomed at 1.44714. That is a pretty good technical floor.
The price correction off the low, stalled at around the 38.2% at 1.4601. We currently trade at 1.4560 - between that retracement high and the 200 day MA below. It is somewhat of a coin flip from here.
Short from above have a 200-250 profit.
The price stalled at support.
But the BOC did tighten and the 38.2% held.
The price has moved back higher in the last few minutes while I type and move back toward the 1.4600 level. I suspect traders - who are short - would want to see that level hold the line. If it cannot, a move to the 50% at 1.4641 would be the next target.
If it does hold again, a move back towad the congestion area will be support, followed by that key floor area from the daily.
