The USDCAD is bouncing from Friday’s lows. Those lows stalled just ahead of a lower swing area between 1.3398 and 1.3414.
The subsequent rise off of that support swing area saw the price move higher and above its 200-day moving average at 1.3478 into the close on Friday. In trading today, the price is higher and moving away from the key 200-day moving average.
What next?
On more momentum in the upward direction, the 100-day moving average would be targeted at 1.35378. That level also sits between another key swing area for the pair between 1.3526 and 1.35428.
There is not a shortage of technical levels in play. Nevertheless, my focus is on the swing areas (1.3398 – 1.3414 on the downside and 1.3526 – .1.35428 on the upside) for break points today and this week. Be aware. Be prepared.
This article was written by Greg Michalowski at www.forexlive.com. Source