USDCAD Got Rejected from Previous Highs
The Canadian dollar weakened the
most in almost three months against U.S. Dollar after Bank of
Canada Governor Mark Carney suggested he may reduce his economic
outlook and delay raising policy interest rates.
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USDCAD H4 |
Technically, previous highs of 3-Oct-12 provided strong resistance to the up move and pair got a 30/35 pips up wick indicating a string rejection.
Its currently consolidating at previous horizontal resistance around 0.9855/59 area. This area is also a descending trendline touch and the upper trendline of ascending channel.
Area of 0.9880/85 is a confluence of many objects. A break above aims for highs of 24-Aug, 30-Aug & 5-Sep.
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