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USDCAD climbs to a new high as buyers hold key levels
Forexlive says the pair moved above the prior swing zone around 1.41297 to 1.41488, and a pullback from 1.4201 still held a rising channel support level.
Forexlive reports that USDCAD has extended higher, after buyers failed to give up control when the pair tested the swing area between 1.41297 and 1.41488.
The outlet says the pair surged from the September 8 low at 1.37588 to a September 24 high near 1.41488, and that sellers were only considered to have a chance if price broke below 1.41297 and stayed there.
According to Forexlive, the price waffled around the area on Friday, then pushed higher, taking USDCAD to a new high going back to July 7.
Forexlive adds that after an intraday high at 1.4201, the pair corrected to 1.4175, and the decline tested the lower trendline of a rising channel, with buyers stepping in as long as that trendline holds.