USDCAD traders solidify the ceiling
Above 100 and 200 hour MAs
The USDCAD moved higher today but once the highs from Jan 8 and Jan 17 were approached, the buyers dried up. Risk could be defined and limited against the levels and sellers leaned. The price moved up to 1.33178 before stalling.
The ceiling is now more solid at the 1.33178 to 1.33215 area. On the downside, the closest support comes in at the 100 and 200 hour MAs at 1.33705 and 1.32574. Below that, last week's lows stalled the fall at 1.3225-26 area.
So within 100 pips, there is a floor support at 1.3225 and a ceiling at 1.33215. Traders willl view those extremes as risk defining levels until broken. In between, keep an eye on the 100 and 200 hour MAs for risk levels between.