The USDCAD traders are jockeying for control. Technically, the buyers are modestly in the lead as the price is above its 50% midpoint of the range going back to November 2023. That midpoint level comes at 1.35378. The price is also above its 100 and 200 bar moving averages on the 4-hour chart which bookend the 50% level by a few pips above and below.
On the topside, a swing area between 1.36049 and 1.36269 remains a key target to get to and through. The last two weeks have seen price highs stalled within that area.
In this video, I outline the details of the up-and-down market and the technical levels in play and explain why they are important now and going forward.
This article was written by Greg Michalowski at www.forexlive.com. Source