The USDCAD is trading in a relatively narrow trading range today. The high the low ranges 51 pips. The average over the last 22 days is 87 pips (so 58% of normal). The price action has been up and down within that trading range.
Looking at the hourly chart, the overlay of the 100 day moving average currently comes in at 1.26193. That moving average was tested in the early Asian session and found support buyers. It was also just tested in the last hourly bar and also found support buyers. The current price trades at 1.2632.
The high for the day has reached up to 1.2667. That was just above a swing area at the 1.2666 level. In between the high and the low sits the 38.2% retracement of the move down from the December 20 high to the low reached last week. That retracement level comes in at 1.26445. Admittedly, the price has traded above and below that retracement level over the last two days. Yesterday what did hold resistance was the 50% retracement of the same move down at 1.27054. The high price yesterday reached 1.27012 before rotating back to the downside.
So overall, the trading range is narrow. The price action is up and down. Support against the 100 day moving average and resistance against 1.2666 area. Traders are awaiting the next shove.
