200 day MA and 100 hour MA are support below…
Yesterday, the USDCAD shot higher. There are more grumblings about lower rates from the BOC. The probability of a cut in September is about 23%. Admittedly, that is still odds on for no change, but the market is pricing a 70% chance for October (which is at high levels).
Technically, the prices move higher was able to extend toward the high from last week at 1.33381 yesterday (the high reached 1.33256). That high was breached in the NY session with a move to 1.33449. The high took out the August 7 high at 1.33437 – but only by a pip or so. That is not good for the buyers. The price came back down.
Below sits some decent support. The 200 day MA AND the rising 100 hour MA comes in at 1.33038. The lows today reached 1.3308 and then 1.33106. So buyers seem to have those levels in mind as support.
However, if broken, the buyers may turn to sellers.
So, buyers and sellers have made their plays. The 1.3338-45 area is topside resistance. The 1.33038 level is support. We trade in between at 1.33284 and waiting for the next break.