USDCAD has moved above the 1.0000 level yesterday making the day only the 3rd close over that benchmark level since February 1st (see yellow bars in the chart above). Today the price extended to a new high going back to Feb 1 but found sellers as fast as the new high at 1.0050 was reached (on Feb 16 the high printed 1.00499. Today the high was 1.00506) . The price is back down and tests the 200 day (green line in chart) at the 1.0017. The 1.0000 is not far behind. Disappointment : (
A move back below the 1.0000 level will likely increase selling momentum. Look for traders to try and make a stand against the level. If it holds, hope for an extension outside the 209 pip range remains alive (over the last 2 1/2 months). Failure and I would not expect the long traders to stay in.
