Price needs to push back above 1.35198 area
The USDCAD spiked to the highest high since January 3rd after the BOC decision. In the process, the price moved above the 1.3520 high from earlier today (and high from April 24 at the same level as well). The high price moved to 1,35457, but has backed off to a corrective low at 1.3494. We currently trade at 1.3410 area.
What now?
Well...the price is back below the old highs at 1.3519-20 but remains above the swing area at 1.3593-1.3504. The market can go either way technically from here. However, time will be of importance for the bulls. The spike may have gotten reactionary longs caught above the old highs. As a result, if that old highs at 1.3519-20 are not broken, it could lead to the buyers above that level liquidating positions. A move back below the 1.3493 would not be welcome by buyers and should solicit more sellers.
