The USDCAD pushed higher this past week but is bumping up against heavy resistance weekly 200 SMA, monthly pivot MS1 – 1.2354, both tops of downward/upper channel intersection acting as resistance. Has market sentiment changed or are we putting in a lower high?
If we make it above 1.2430 most likely in longer term price reversal heading higher, however, daily is overbought showing some signs of exhaustion and/or indecision do we get a pullback to bottom 1.2280 of lower upward channel and then retest/break 1.2370?
In absence of negative news and the US equity markets rocking would be considered a USD positive and although Yellen mentioned the possibility of rate hike looming in December I believe way to early to call being data dependent and due to recent hurricane related events. So what is your bias?