Holds 50% midpoint of the July trading range on the NA dip
The USDAD remains in an up and down trading range that has confined the pair over the last 4+ trading days. That range has totaled only 83 pips. The low has seen 3 separate lows near 1.2525. The high area has seen swing highs between 1.2590 and 1.2607 (7 highs in that area over the last 4+days stalled in that area).
In between, sits the pairs 100 hour MA at 1.25674 and the 50% midpoint of the July trading range. That level comes in at 1.25543. The low in the North American session found support buyers against that midpoint level so far. The price is back above the 100 hour moving average as well. That has helped tilt the trading bias more in the direction of the buyers as long as those levels can now hold support intraday.
The upside target includes high from Friday at 1.26074. Above that, the 200 day moving average comes in at 1.26096 and the 200 hour moving averageat 1.2615. The 38.2% retracement of the month of trading ranges between those levels at 1.26138.
The ups and downs have taken hold of this currency pair. At some point there will be a break and run, but for now there's plenty of support below starting with the 50% midpoint and the 1.2525 floor, and plenty of resistance above between 1.2590 and 1.26138.
PS Putting the 83 pip trading range in perspective, the low calendar week trading range for the USDCAD in 2021 has been around 110 pips. At 83 pips and nearly 5 days complete, the range is certainly non-trending. Look for the break and run.
