Watching the 1.3217-22 area for support now
The USDCAD continued the run higher (started at the Monday lows yesterday - see blue circle 6). The move yesterday stalled at a ceiling area in the 1.3217-22 area and moved lower. Today, that ceiling was broken. The price moved higher and reached the 61.8% of the move down from the June 27th high at 1.32608. PS the break higher also cracked above the 50% at 1.3224 in the process.
The price has moved lower in the NA session and is inching back toward that old ceiling area. I would expect that the old ceiling becomes a floor on a test. Look for buyers against the area on a test with stops below.
