If the sellers cannot overwhelm the buyers the buyers win
The price of the USDCAD reached yet another new high going back to 2003 today. It has been 10 days in a row with a new high and if today stays above 1.4367, it will be the 10th straight up day. Over that time, the price of the USDCAD has soared by about 735 pips. PS. the low was on the first day of the calendar year at 1.3810. The high today reached 1.4545.
Like the GBPUSD, when the price trends it is all about the control and the buyers have control. Corrections are contained. Corrections find buyers. Sellers cannot take control and keep control Control is measured by clues from technicals. IF the sellers cannot make any inroads to the downside, they are not winning. The buyers win.
Looking at the hourly chart, the pair is back on an upward trajectory, after the correction for the day approached 38.2%, highs from yesterday and upward sloping trend line (it approached...It did not really get too close). If the sellers are to take control, those levels will need to be breached. If not, the buyers remain in control.
What might solicit some profit taking the 1.4555 level is the topside channel trendline on the hourly chart. Traders MAY look to it to lean against with stops above.
