Analysis

USDCAD squeeze continues. Pair strikes nearer to key resistance space

Exams 50% retracement and swing space

The USDCAD squeeze continued (see earlier submit) after making some earlier breaks to the upside. 

Tests 50% retracement and swing area

The pair has now moved as much as take a look at the 50% retracement of the transfer down from the January 28 excessive (excessive for the 12 months) at 1.26224. The excessive worth simply reached 1.26228.  Additionally above is a swing space between 1.26236 to 1.2634. The final three swing highs stalled at decrease highs (the best excessive is outdoors the swing are which works again to March 25.  

If the 50% and swing space is damaged, the excessive from March 25 will likely be focused adopted by the falling 100 day MA at 1.2677. The final time the worth traded above the 100 day MA was  again on November 2, 2020 when the worth was up at 1.3328.  

A transfer again under 1.2600 is the shut threat degree. A transfer under isn’t the top of the world however it could be a modest tilt again to the draw back and affirmation of the profitable take a look at of the 50% retracement.  

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