The USDCAD is pushing back to the upside in what has been a volatile up-and-down trading day. That is congruent with a volatile up-and-down trading week. The high price this week was reached yesterday when the price extended above a swing area between 1.3398 and 1.3414. The high price reached 1.3442. But I returned to sellers in the price closed back below that swing area.
In trading today there have been no fewer than four moves. The first was down, then up, and then back down, and most recently back to the upside.
Technically, the price is back above the 100 hour moving average of 1.33756 after testing a lower swing area between 1.3339 and 1.3353. The move back to the upside has taken the price back into that swing area between 1.3398 and 1.3414. It will now take a move above that swing era to increase the bullish bias.
This article was written by Greg Michalowski at www.forexlive.com. Source