Approaching some tough upside resistance though
The USDCAD moved to the lowest level since August 14 earlier today and in the process broke outside of a up and down consolidation box on the hourly chart. That box at a low of 1.3249 in a high of 1.3338 (discounting the quick failed break on August 20).
The low today extended to 1.32243, but over the last 4 hours of trading, the pair has reversed higher, moved back in 'the box', and is now approaching key resistance defined by:
- The 50% retracement of the move down from the August 20 high at 1.32846
- The 100 hour moving average at 1.32857
- The 100 day moving average at 1.32872 and
- The 200 hour moving average at 1.32954
The current price just reached 1.32833.
I would expect that patient sellers (new shorts or profit takers) would look to lean against the cluster of resistance with stops on a break.....
