The ups and downs in the USDCAD continues. Bias shifts back and favor the buyers.

The ups and downs in the USDCAD continue in trading today, with the price of the pair are (I think I don’t know moving back above the converged 100 and 200-hour moving averages at 1.3175, the shift is back to the upside today.

Looking at the hourly chart below, the pair has seen higher lows of late and lower highs as well. On the top side getting above the 38.2% retracement at 1.3204 will have traders targeting the downward-sloping trend line at 1.3223. Getting above that level in the high from yesterday near 1.3228 and the 50% midpoint of the July trading range at 1.32390 will be the next targets. Get above the midpoint level and the buyers take even more control.

On the downside, it would take a move back below the 100 and 200-hour moving averages to shift the bias once again to the downside. Given the ups and downs that can’t be ruled out.

For now, the buyers are more in control.

This article was written by Greg Michalowski at Source