USDCAD uses moving averages as support and last week’s high as resistance.

Traders have defined a trading range for the USDCAD.

On the downside, the rising 100 hour moving average of 1.3441 and the 200 day moving average 1.34478 is support. The lows for the day found support bars against that level in the early European and early US trading session.

On the top side, the high price today stalled against the high price from last week near 1.3500 natural resistance level (the high price last week was at 1.35012. The high price that was at 1.34997).

The current price trades between the levels near 1.3477.

Looking at the trading range for 2023, the midpoint comes in at 1.34766. That is right near the current level. That may also be a short-term barometer intraday for the pair.

This article was written by Greg Michalowski at Source