USD/CAD Met Short-term Resistance

USD/CAD was trading to the upside for the past few weeks when price went from 1.2065 to the latest high at 1.24 made yesterday. Today the pair reached the same high at 1.2401 and immediately moved to the downside pressured by USD bulls who want to get to the other end possibly making a double bottom.

The pair went to a low below 1.2360 and is now slightly higher at 1.2372. Today's speech by Fed Chair Janet Yellen might strengthen the change in trend if the news do not meet investors expectations for a strong and stable US economy.

On the flip side, we might see renewed optimism and witness a move beyond the upped trend line with first bear target at 1.2450.

One thing is certain now, eyes will be on the press conference later today.

Chart: USD/CAD H4