The USDCAD has a well-defined ceiling between 1.3526 and 1.3543 (in between is the 50% midpoint of the move down from the last 2023 high at 1.35378).
On the downside, the 200-day moving average comes in at 1.3479. The 200 bar moving out on the 4- hour chart comes in at 1.3471. Moving below those moving averages would tilt the bias from a technical perspective more to the downside.
For now, the price remains between those technical levels as buyers and sellers battle it out for supremacy and control.
This article was written by Greg Michalowski at www.forexlive.com. Source