Buyers opened the upside after basing against support
The next target is the 61.8% at 1.41055. The high price reached 1.4102. The swing high from April 27 on the hourly comes in at 1.40829. THe high from April 28 comes in at 1.40726. Eye those levels for close risk. But more conservative risk for the longs remain at the 50% and 200 hour MA below.
For your guide, the USDCAD high was on Monday at 1.4117. The low was yesterday at 1.38492. That low took out the swing low from April 13 (the low for the month) at 1.3855. The 6 pip break failed. The price started to move higher. It has taken a little more than a day to retrace nearly the entire move lower this week….