Ups and downs for the USDCAD
The USDCAD has been trading higher and lower in trading over the last 3 trading days and today’s price action has continued that up and down trend. The price action today has erased earlier declines that saw the price at the lows test swing low from Friday. That move lower could not get below those lows and the price moved higher.
We have since pushed above the 200 hour MA (green line), the 50% of the range since November 16th at 1.32217 and now tests the 100 hour MA.
There is some stall against that line as traders respect the ups and downs and the 100 hour MA is nearer a high.
If broken, I would expect a move toward the 1.32577-628. That swing area has been a swing area going back to November 13. The price did move above that area on Nov. 20 and 21 last week, but pushed back below and reestablished resistance against the area (see red circled numbers).
For now, however, the 100 hour MA seems to have stalled the move back higher. Support now at the 50% and the 200 hour MA at 1.32126.