Other topside resistance targets are being approached
The USDCAD is a another currency pair that is trading up and down today.
The early Asian and London session highs tested a resistance area starting with the swing area between 1.32288 and 1.32330, and the 38.2% retracement at 1.3235. The high price reached 1.3233 and backed off. We are currently testing the 38.2% retracement at 1.32353 and making new session highs. Above is the 200 hour moving average 1.32430. Those resistance levels all line up and will all need to be broken to give the buyers more confidence. The 50% retracement of the move down from the August 7 high comes in at 1.32663 and would be the next target on further upside momentum
On the downside, the London session low (and early North American session low) stalled right near its 100 hour moving average at 1.3202 (and the 1.3200 level). The low for the day reached 1.31981 before bouncing.