Technical Analysis

USDCAD is looking back toward unchanged on the day

The USDCAD has move back toward unchanged on the day. The price on Friday closed at 1.25854. The high price just reached 1.25848. The current price is trading at 1.25765.

The pair originally moved to the downside, but found support near an old trendline after reaching a new low going back to April 21. The North American session has seen a bounce to the upside of the last 3-4 hours. The high price for the day was in the Asian session at a nice round number of 1.2600.

Getting back into positive territory for the day and above the 1.2600 level would have traders looking toward the falling 100 hour moving average 1.26104. Recall from last Thursday, the price moved up to test that moving average line only to find sellers near the level and a rotation back to the downside. As a result, the moving average’s importance has increased. Getting above it would be a step in the bullish direction.

Conversely, if the price action cannot start to take out the aforementioned levels starting with the close from Friday, the sellers are still in control. A move below the low from Friday at 1.2550 now would at to the bearish bias.

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