USDCAD rebounds today but stays below topside resistance

Technical Analysis

Author: Greg Michalowski | usdcad

The USDCAD stalled ahead of the 38.2% retracement 

The USDCAD has rebounded modestly higher today but has moved back lower in the recent hourly bar.  

The correction higher today did find resistance against the 38.2% retracement of the week's trading range. That level came in at 1.34456.  The 100 hour moving average has since moved down toward that 38.2% retracement level (see blue line in the chart above) increasing the levels of importance going forward.  Stay below keeps the bears more in control

The current price is trading right around the 1.3400 level the close from yesterday was at 1.34054. Traders are deciding which way to go from here.

Overall however, the price action has been to the downside this week. The high price for the week reached 1.35992 on Monday. The low price was reached yesterday at 1.33506. On Monday the pair fell below the converged 100 and 200 hour moving averages (non-trending) and started the trend.

Taking a broader look at the daily chart, the low this week stalled near a swing level going back to February March 2020 (and in June). That area comes between 1.3320 and 1.33533.

USDCAD on the daily chart

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