Extends the 82 pips trading range
The USDCAD was stuck in an 82 pip trading range for 5+ trading days.
Yesterday through the FOMC, the price tested the upper extreme near 1.2606 and the lower extreme near 1.2525. The price did dipped below the low in the last hour of trading and consolidated above and below the level through the first 4-5 hours in the Asian trading session, but sellers finally took control and pushed the pair’s price lower.
The pair is trading to a new session low at 1.34426 and in the process has entered a swing area between 1.24227 and 1.2449. The area is wide but was a strong support going back to July 7 through July 14. Watch the 1.24377 between those extremes as a interim bias defining level (move below is more bearish).
The USDCAD’s 82 pip trading range was just too narrow. The move lower today has nearly doubled that range to about 161 pips from the recent high.
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