Heading back toward the 200 bar MA on 4-hour chart
Yesterday, BOC Poloz was more dovish in comments and that sent the USDCAD sharply higher.
After stalling after a break back above the 100 bar MA on the 4-hour chart, the price based and raced higher. The price extended up to 1.25188 in trading today and has rotated back down. The pair is currently trading back below the broken 61.8% of the down from the August 30 high at 1.24341.
The pair is approaching the high from Tuesday and a swing high from yesterday at the same level (that double top was later broken on Poloz comments). The 200 bar MA is a little lower at 1.2404.
I would expect that buyers would lean against this area with stops on a break below.
