Weak GDP send the pair from a support extreme to a resistance extreme
The weaker than expected GDP out of Canada sent the USDCAD up from the 100 hour MA (the pair dipped below the 100 hour MA just before the release) to the high for the day and the high for the week at the 1.2422 area (the high reached 1.2418). The market will be looking for a break of an extreme now. Look for support near the 1.2390-1.2402 now (midpoint of the day and near closing level of 1.2402), if the buyers are to remain in control (risk).
The pair is up testing the highs as I type....
