USDCAD gets above the September ceiling, but.....

[forex4you]

USDCAD gets above the September ceiling, but.....

<p>The <a href="https://www.forexlive.com/terms/u/usd-cad/" target="_blank" id="814d4592-b070-41e6-9f85-2f30175adb62_2" class="terms__main-term">USDCAD</a> was able to tick above the high ceiling from September at 1.3208 (see hourly chart above), BUT....</p><p>...The high from July comes in at 1.32228. The high today reached 1.32138. Since peaking the price did decline to 1.31705 but is back up to 1.3208 currently and trying to knock on the July high door.  Getting above that level opens the door to the upside. On the daily chart, the 50% of the move down from th2 2020 high cuts across at 1.3336 and would be the next major target if the levels can be broken and remain broken.</p><p>Buyers are knocking on the ceiling. Can they bust through?  Or....will they be turned away again?</p><p>Downside target comes in at 1.3131 to 1.31397 IF the buyers turn to sellers.  </p>

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

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