Sellers cover quicklyThe comments from Poloz, sent the USDCAD shooting back higher, just when it seemed they were making a technical play. Not to be (see earlier post).
Technically, the pair shot up to to the 200 bar MA on the 4-hour chart at 1.24119 and above it. The high reached 1.24308. We have rotated back below and trade around 1.2400.
The price action and the comments of late are whipping traders around. In a rock, paper, scissors battle Poloz > Morneau, so not surprised that the pair has shot back higher. Technically, get and stay above the 200 bar MA on the 4-hour chart is eyed.