Sellers leaned against resistance area
The USDCAD ran higher with the overall dollar buying. The price moved up to the 38.2% retracement at 1.39704. That was just above its 100 hour moving average currently at 1.39625 and within a swing area (see red numbered circles) in the 1.3965 to 1.3972 area. The high price stalled at 1.3969.
Him him him him him
Sellers leaned as risk can be defined and limited against the cluster of resistance. Going forward to the price move above that area, there would likely be stocks with a run toward the 50% and 200 hour moving average near the 1.4000 level.
For now however, the corrective move stalled where it should stalled and as a result, the sellers are more in control. The 1.3923 and 1.38994 (call it 1.3900) are downside targets as long as the price remains on the lower side of the aforementioned resistance area.
