The USDCAD has spent the North America session in a narrow 23 pip range. The price has used MA levels and the Asian session low (at 1.0088) as resistance on the topside (see chart above). On the downside, the price has support against the 100 day MA (at 1.0073) and the bottom channel trend line at the 1.0058 level.
The high today held below the 200 day MA (green line) which has helped the bearish sentiment today. That bearish sentiment should continue if the price can now stay below the 100 bar MA on the 5 minute chart above (blue line at the 1.0079 level currently). Traders looking for a place to take profit can use the channel trend line support as a buying opportunity.
