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USDCAD rebounds to a fresh monthly high as sellers miss
The pair rose from 1.3759 to 1.4224, a move of 465 pips, or about 3.38%, after falling below the 100-hour moving average.
Forexlive reports that USDCAD has been trending higher since bottoming on September 8, rising from 1.3759 to a fresh monthly high of 1.4224, reached in the last hour of trading.
The outlet said the sell-off attempt began when USDCAD broke below a rising trendline near 1.4192 during late Asian-Pacific and early European sessions, then pushed the pair below its 100-hour moving average, currently at 1.4168, and down to a session low of 1.4155.
Forexlive added that sellers needed follow-through toward a swing area between 1.41297 and 1.41488, but price stalled there and reversed higher, with sellers turning back into buyers and the rebound lifting the pair back above the 100-hour moving average and the broken trendline.