Price trades near lows going back to April 2018
The USDCAD remains near the lowest levels going back to April 2018. The cycle low going back to that time. Was reached yesterday at 1.25798. However the low price today could not extend below that level (the low reached 1.25838, and the price of the pair started to move back to the upside.
The run higher stalled however at the swing area between 1.2647 and 1.26528. The falling 100 hour moving average currently at 1.26499 also acted as a resistance target. Sellers leaned against that area and the price has since rotated back to the downside.
The price action has defined the lower extreme between 1.25798 and 1.25838, and the upper extreme between 1.2647 and 1.26528 (with the 100 hour MA sitting between the area).
In between is where the intraday battle is going on. Looking at the 5 minutes chart, the price action shows the volatility between the areas. The last few minutes have seen the price moved back down closer to the lower extreme after testing the highs just 35 or so minutes ago.
