USDCAD tests 50% retracement and 100 day moving average
The USDCAD - which was already up sharply - is not letting the FOMC decision slow it's run higher. The pair has moved to new session highs at 1.31965.
Although the price is higher, it is running into some key resistance defined by the 50% retracement of the move down from the October hi to the October low. That comes in at 1.31943. Also in play, is the 100 day moving average at 1.31994. The high price has stalled between those 2 key technical levels.
It will take a move above those levels (and stay above) to solicit more buying in the pair.
On a move higher, watch the 1.32053 level. That was the swing low from October 2. Above that and the market will be targeting the 1.3230 area where the 61.8% retracement and other swing highs/lows are found (see yellow area in the chart above).
