USD/CAD falls 265 pips in four-day slide after stalling near October 9 high
USD/CAD has declined for four consecutive sessions. It fell from last Wednesday's high at 1.42984 to today's low at 1.4033, a drop of roughly 265 pips. The selling began after the pair stalled near its October 9 high. That failure to extend higher gave sellers an opening, and they have kept steady pressure on the pair since. The source frames the move in purely technical terms and cites no economic data, central bank developments or other fundamental drivers. It also gives no price for the October 9 high and names no further support or resistance levels. For traders, the four-day run of lower prices shows that sellers currently control short-term direction. The rejection near the October 9 high marks the area where buyers previously failed to push the pair higher.
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