USDCAD rips back higher after low from last week holds

Technical Analysis

Author: Greg Michalowski | usdcad

Runs into intraday resistance on rebound

The price of USDCAD tumbled lower on the back of the stronger Canadian employment data.  That tumble took the price toward the low from last week at 1.33765 (see technical post here outlining that target). The low price stalled just ahead of that level at 1.33794.  Sellers turned to buyers against the level, and the squeeze back higher was on. 

Runs into intraday resistance on rebound
What now?

Drilling to the 5 minute chart, the price raced above the 50% of the move down which muddies the water, but the price is also stalling the move higher., at the 100 bar MA of the 5-minute chart. That comes in at 1.3435 currently (blue line). A move above that MA line would strengthen the case for the buyers..

The USDCAD has ripped up to the 100 bar MA on the 5 minute chart.  Stay below keeps the sellers in control.
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