USDCAD tests MA support and bounces

Technical Analysis

Author: Greg Michalowski | usdcad

Lots of choppy trading in the USDCAD

The USDCAD has been chopping up and down over the last few trading days. The price action today did see a move to the upside (choppy move).  The price of the last few hours has seen the price move back to the downside.

Lots of choppy trading in the USDCAD
The move lower got close again to its 200 100 hour moving averages which are near converged down at 1.3383 area. Earlier today, the price opened below the 2 moving averages (they were wider apart at that time) and then found support against the moving average level before moving higher. The high price today stalled near the end of day swing highs from Thursday's trade at 1.34508. That was short of the high price reached last week at 1.34588.

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