USDCAD ceiling on the hourly at 1.3920-301 area
The USDCAD is trading up and down in today with the price currently lower on the day by about 18 pips (closed at 1.3903 area). The low for the day reached 1.3862. The high extended to 1.3924.
At the low, the price found buyers against the low from Monday at 1.38548. That low is an obvious target to get to and through. Below that level, sits a lower trend line on the hourly chart at 1.38394 (and moving lower). Move below each, and the door opens for more selling.
On the topside - and more importantly from a technical bias - the high stalled at at 1.3924. That was in the middle of an old floor, that is now a ceiling at the 1.3920-30 area.
The inability of the price to get above that area, keeps the sellers more in control. It will take a move above that ceiling to give buyers more confidence with additional upside targets at the topside trend line at 1.3949 and the 100 hour MA at 1.39626. Until then, however, the sellers have the upper hand (and control).
Taking a broader look at the daily chart below, on more selling momentum, the 50% retracement of the move up from the January low at 1.38131 is a key downside target level for the pair. That would be the next key downside target for sellers.
