Swing area at 1.3320 – 47
The USDCAD as a run to a swing low target area at 1.3320 – 47. The low just reached 1.3315 and we are seeing a bounce up toward the 1.3330 level. Traders will be watching the 1.3347 level as a topside risk defining level. Stay below keeps the bears fully in control.
On the downside, break below this swing area and the price returns to the lower up and down range trading area that was in effect from October until early March when the price started its run to the upside. That move took the price all the way up to 1.46666 before rotating back lower . The last 3 or so weeks has seen the price move below a swing low area around 1.38492 – 65 and the 50% retracement at 1.32131. Last week, the price raced below its 100 day moving average for the 1st time since late January (blue line in the chart above).
