USDCAD moves back into the "red box" above 1.3510

The USDCAD moved back into the up and down swing area which if you include the quick dip below the 1.3499 level down to 1.3494. The high of the lower swing area extended up to 1.3510.

The price moved above the 38.2% at 1.3499. It moved above the swing area up to 1.3510, but the sellers may be still hopeful that the 100 hour MA (blue line in the chart above) at 1.35263, is helping to stall the rally. The high from yesterday and a swing high from Monday comes in at the same area at 1.3526.

I don't like that the price is back in what was the "Red Box" that confined the pair between 1.3500 to 1.3854 going all the way back to September 27. The sellers had their shot. They are on the verge of missing. The one saving grace is the falling 100 hour MA is still getting in the way.

Getting above the 100 hour MA, however, would make the sellers more uncomfortable and we could/should see more shift from sellers to buyers once again.