The USDCAD moved lower with the dollar but as the comments from the Fed chair were sprinkled with the “economy is not doing badly”, gave the USD a boost.
Looking at the USDCAD, moving below the cluster of MAs between 1.3580 to 1.3588 could not be helped but the 100 bar MA on the 4-hour chart stalled the fall, and price action started to move back higher.
The price has back moved to the cluster of MAs and even above. Also the price is back in the Red Box between 1.3564 on the downside and 1.3622 on the topside.
Back in neutral area and looking (again) for the next shove as the up and down volatility settles.
This article was written by Greg Michalowski at www.forexlive.com. Source