The USDCAD stalls against highs from last week. Triple top now at 1.4247
The USDCAD has been in a strong uptrend since May 1, rallying from 1.35492 to last week's high of 1.42473. That peak was reached on both Wednesday and Thursday, and the inability to push higher triggered a corrective move lower that briefly took the pair back below its 100-hour moving average.
Yesterday, the pair opened below the 100-hour moving average and attempted to reclaim the level during the session, but sellers leaned against it into the close. Today, however, buyers regained control during the Asian-Pacific session, pushing the price back above the 100-hour moving average, now at 1.42097, and keeping it above that key support.
What buyers have not been able to do is break through the 1.42473 high. For the third consecutive test, the pair has stalled against that double-top resistance level. The current price is trading near 1.4223.
So, what's next?
The 100-hour moving average remains the key downside barometer. A break back below that level would give sellers a modest near-term tilt, but they would still have work to do. The next target would be the rising 200-hour moving average at 1.4189. A move below that level — and more importantly, staying below it — would give buyers reason for pause and hand sellers a greater degree of control.
Until then, the technical picture remains tilted in favor of the bulls. Sellers have been able to slow the rally, but they have not been able to reverse it. As long as the pair remains above its key moving averages, the buyers are still winning the battle.
The video above outlines the key levels in play and shows why.
This article was written by Greg Michalowski at investinglive.com.提供 MainLink：Investinglive RSS Breaking News Feed
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