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USDCAD To Test 4-Month High

The Canadian dollar recouped some losses after November’s BOC CPI met expectations. Medium-term price action saw strong buying interest near the 30-day moving average (1.2610).

A break above the recent peak at 1.2850 indicates that the bulls have retained control. The RSI’s overbought situation has caused a brief pullback to let the bulls catch their breath.

The August high at 1.2950 is the last resistance before an extended rally would unfold. 1.2810 is the immediate support for the current pullback.

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