USDCAD Technical Analysis – Resistance holds, but buyers still eye more control ...Middle East

Despite this resistance near the 200 day MA, the buyers have not given up. A bounce today - after the 2 day decline - started from the swing support area between 1.38917 and 1.3904. That suggests underlying demand remains intact. The buyers are still in play - at lease in the short term. This zone was a ceiling until broken last week and basing. That old ceiling/now floor is helping to define the current consolidation range.

Key technical levels:

Immediate resistance: 1.3967–1.3977

Bias: Cautiously bullish above 1.3904; more bullish confirmation on break of 1.40268

Momentum above 1.3977 could reignite upside pressure, but failure to clear resistance risks renewed downside probing.

This article was written by Greg Michalowski at www.forexlive.com.

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