After moving higher for 5 consecutive days, the USDCAD is waffling up and down ahead of the FOMC decision. The price is on an upswing with the price high just reaching a new intraday high at 1.2975. There is some swing lows and highs going back to May in that area 1.29743.
Move above 1.29805, and it opens the door into the extreme area for the pair that reached up to 1.3036 to 1.3076 (in between 1.30515). Move below that level in the pair is trading at the highest level since November 2020.
On the downside, get below that swing area between 1.2914 to 1.2920 (that is where support held so far today too) and there is room to backtrack into the swing area between 1.2859 and 1.28949.
Recall from yesterday's trade, the price moved up initially toward the high of that extreme, backtracked to the low of that extreme, before rotating to the upside and extending the gains.
Moving back below that area and then the 100 hour moving average at 1.28390 would be the downside targets that would be needed to be broken to increase the bearish bias.
