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USD/CAD stalls ahead of 1.39 again

Yesterday the slide in the US dollar prevented the USD/CAD from trying to rise above 1.39 again. The fall in the US currency saw the USD/CAD drop back from a session high (ahead of the US CPI data) at 1.3843. The USD/CAD later closed in the US at 1.3693. The low seen so far today has been set at 1.3678 and that low is not far above the 50 day moving average. (An earlier high was set at 1.3710 today). That is in place this morning at 1.3658 and has been rising steadily until now. The price action seen yesterday has caused this to flatten out and unless there is a rebound in the USD/CAD it could very soon start to fall. That would not be good news for the US dollar. The risks of a major topping out in the price action ahead of 1.39 are increasing now and a break below 1.3629 from here on could endorse that. It is also possible there might be stops in place more immediately below 1.3658 now. Of course it has to get to that point first, which it has not yet done. The USD/CAD is currently trading at 1.3680

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