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Below 50% of the run higher as well
The USDCAD has made a run below the 200 hour MA and 50% retracement at 1.3427-28 area. That makest that area resistance now. Stay below is keeps the tilt more to the downside.
On the topside the 100 hour MA was tested in the NY session and the price rise stalled (see blue line). On the downside, the 1.3395-1.3405 are now targets. That area includes the swing levels going back to April 11, 15, 17 and 23rd (see red circles) and the 61.8% of the last leg higher at 1.34053.
This article was originally published by Forexlive.com. Read the original article here.