Swing area from 1.2586 to 1.2607 stalls the rallies today (and yesterday too).
The USDCAD ran higher yesterday but stalled near the 61.8% retracement and a swing area between 1.25865 to 1.26072. The price moved down in the NY afternoon after the BOC hinted of tapering. The move retested some swing levels near 1.25203 and bounced.
Today, the price extended to the highest level since March 11, but stalled near the high of the aforementioned swing area up to 1.26072. Sellers leaned again, and the price rotated lower. There was another test at the 61.8% at 1.25942 before moving down.
The pair is trading near the lows, but so above the afternoon low from yesterday at 1.24203. The pair is also above the 100 hour moving average 1.25278 (currently). A move back below those levels would increase the sellers confidence. Failure to do so, and the battle continues between the swing area above and the 100 hour moving average below.
