Up and down price action in the USDCAD
The USDCAD continues to consolidate with a floor being developed at the 1.40759 level and a topside trend line, currently at 1.4228 as topside resistance.
In between sits the 100 and 200 hour moving averages (blue and green lines) at 1.4151 – 61 area. In the consolidation seen over the last 4 so days, the moving average have been largely ignored as traders play the top and downside ranges. The price today is trying to stay below the moving average lines giving a more bearish bias intraday.
On the downside, a break of the floor at 1.40759 would have traders looking toward the swing area at 1.4008 – 18. Below that and the March 27 low at 1.39203 will be targeted.
If the price can get back above its moving averages and then the topside trend line, the pair will look toward the 50% retracement at 1.42935. That was also near the high from last Thursday's trade.