USDCAD near unchanged on the day in a up and down day

Technical Analysis

Author: Greg Michalowski | usdcad

Topside trend line at 1.3556. Swing area below between 1.3504 and 1.3520

The USDCAD is trading near unchanged on the day in what has been an up and down session. The price is currently trading at 1.3547. That is where the price settled on Friday.

Topside trend line at 1.3556. Swing area below _between 1.3504 and 1.3520
Technically, the initial moved to the downside stalled near the top of a swing area going back to June 16 at the 1.3520 level. The bottom of that swing area comes in around the 1.3504 level (See yellow area and red numbered circles) .

On the topside, the price stalled just ahead of a downward sloping trendline connecting highs from June 30 and July 2. That trend line currently comes in at 1.3556 (and moving lower).  A move above that trend line would have traders looking toward the falling 100 hour moving average and broken 61.8% retracement at 1.3571 -1.35728 area.

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