The price is making a run away from a swing level at 1.2646
The USDCAD on the 4 hour chart below, is showing a run to the upside and trades at the highest level since October 1.
Looking at the 4-hour chart above, the pair traded up to test the October 6 high at 1.2646 on Thurday. and found sellers. On Friday the price traded above and below that level but closed below.
Today, there was more of the up and down around the level, but is seeing more upside momentum thanks to the USD buying on the Powell renomination. Buyers are making a play.
ON the topside, the pair has the 61.8% of the move down from the August 20 high at 1.26957 (near natural resistance at 1.2700) as an upside. There are other swing levels on the 4-hour from 1.26938 to 1.27078 (see green numbered circles). That area (inclusive of the 61.8%) is the next upside target for the buyers (Upper yellow area).
Close risk is now the 1.26463 level. Stay above, is more bullish. Move below and traders may look to probe more to the downside.
