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Forex technical analysis: USDCAD strong ceiling at 1.4400

Discussion in 'Technical Analysis' started by ForexLive, Jan 14, 2016.

  1. ForexLive

    ForexLive Forum Member

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    Oil off lows. Trade > $31 per barrel. Stocks rebounding too. The USDCAD is coming off another test of the 1.4400 level. The high today reached 1.43967 That represents another new high going back to April 2003. However, there was sellers against that "big figure" level at 1.4400 and we are seeing a reversal. Also helping is oil has rebounded ($31.42 from a low of $30.26) and so have stocks. The Nasdaq has rocketed back above the 4500 level to 45.74. The S&P is up 22 points and the Dow is up 200 points. Could some of the strong trends we have seen lately be starting to consolidate/correct from extreme levels? A move below 1.4332-40 area (trend line and low for the day), may solicit more downside momentum.

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