USDCAD consolidates under the 50%/200 hour MA ...Middle East

In today's trading, the pair initially dipped below the 1.38107 level in the Asian-Pacific session, but quickly rebounded. During the European session, the 38.2% retracement held as support, reinforcing its technical significance of that retracement level. Buyers stepped in, propelling the pair to a new intraday high during the early U.S. session at 1.3844. Although higher, the price fell short of key target resistance.

Until then, traders will be watching closely to see if the pair can build on recent strength and stay above the 38.2% retracement at 1.38107. If so, a chance for another move toward the highs and the key target at 1.38499 can be anticipated.

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

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