Forex Technical Trading: USDCAD does a lap from a ceiling to a floor

Author: Greg Michalowski | Category: News

The USDCAD moved higher before the interest rate statement on the back of weaker Canada Retail Sales and slightly higher US CPI. The move higher did push against the topside ceiling at the 1.1295. The statement from the BOC, sent the price back lower (CAD higher) where the price tested the low floor/trend line at the 1.1184 level. The low price came in at 1.11898. The price has done a lap from the ceiling to the floor.  Meanwhile, a gunman is floating around the parliament building. A fluid situation there.

USDCAD does a lap lower on  Retail Sales and the BOC statement

USDCAD does a lap lower on Retail Sales and the BOC statement

Looking at the 5 minute chart, the low from earlier today and the 38.2% should hold resistance now. A break below the 1.1184 level should open the door for further selling. The low from November 10th comes in at 1.1159 and the 1.1135 is the midpoint of the move up from the September 19th low.

The 1.1218-288 should be eyed as resistance now.

The 1.1218-288 should be eyed as resistance now.

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