The USDCAD moved higher in the Asia-Pacific session today and in the process got within 3 pips of the 2024 high at 1.4177 and the high going back to May 2020. it's harder to get above that level with the double top now.
Having said that, today's lower move extended to the support area of the swing area between 1.40889 and 1.41045. The low price reached 1.4092 which was also right at the midpoint of the 50% move up from last Thursday's low to today's high price.
Stopping within that swing area and at the 50% keeps the buyers still in full control. It would take a move below that swing area to add to the confidence of the sellers and then break below the 100 and 200 hour moving averages at 1.4078 and 1.4051 respectively.
Without that, and the customers are still in control.
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USDCAD Technical Analysis
Market summary
The USDCAD pair rose in the Asia-Pacific session, close to the 2024 high of 1.4177, a level not seen since May 2020. Sellers appeared at this level, increasing its importance. Creating a double roof above this level could be challenging.
Key technical standards
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2024 High: 1.4177
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Double Resistance: 1.4177
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Swing Range Support: 1.40889-1.41045
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50% midpoint recovery: 1.4092
Lower targets are on the other side
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MA 100-hour: 1.4078
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200-hour MA: 1.4051
Market Awareness
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Buyer control: Buyers will remain in control, with the pair stopping within the swing zone support and at the 50% midpoint level.
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Seller confidence: Sellers need to move below the support of the swing zone to gain confidence.
Trading Outcomes
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Buyers: Need to keep prices above the support of the swing area and target a break above the double top resistance.
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Vendors: We will try to protect the double-top resistance and push prices below the support of the swing zone to gain control.
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