The USDCAD closed the week at 1.3558. The current price is a little higher at 1.3580. The high price for the week reached 1.3622 on Wednesday. That move took the price above a swing area with the high at 1.36188, but quickly reversed lower. The high price stalled ahead of the 38.2% of the move down fro the August 2024 high at 1.3633. Not getting above that retracement is a problem from the pair.
The move down has the price above and below the 100-hour moving average today. That moving average is moving sideways at 1.35804. The price is trading right around that level currently.
Going forward, traders favoring the topside would like to see the price get back above the swing level up to 1.36188 and ultimately above the 38.2% retracement 1.32633. What would hurt the bullish bias is selling takes price back below the 200 hour moving average at 1.3555.
This article was written by Greg Michalowski at www.forexlive.com. Source