The USDCAD sellers tried to extend below the 50% of the move down from the March high on the 4-hour chart today, but could not keep the momentum to the downside. The price declines stalled against the high of a swing area between 1.3553 to 1.3566.
The price has since moved back above that 50 retracement level, setting the buyers back more in control. Can the buyers stay above the midpoint level at 1.35808? That is the risk for the buyers now.
What does it look like on the 4-hour chart? See the chart below. To hear my thoughts, watch the video that explains all the details.
USDCAD above the 50% midpoint