USDCAD stalls at 50% retracement level

24/02/2015 07:10 AST

The USDCAD rallied to a high price of 1.2623 in trading today. The 50% of the move down from the 2003 high to 2007 low comes in at 1.2626 - just 3 pips further to the upside. Were the sellers leaning against that technical level? The price has traded above that 1.2626 level both in January and again in February (see hourly chart below). .

The subsequent selling took the price back down toward the closing level on Friday at the 1.2534 (low at 1.25384). The current price is sitting between that low and the high water mark.

Looking at the hourly chart,the move to the highs today did extend above a topside trend line on it's way to the test of the 1.2626 level. However, after the failed break, the line was reestablished as resistance (see circle 3 in the chart below). The failure to extend higher has the market more balanced and looking for the next clue from fundamental news or perhaps a break from a technical perspective. Watch the trend lines above and below from the technical clues.


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