The USDCAD is tilting higher technically even though a lot of the price action on Monday and agains today, is more up and down.
WHat is encouraging for the buyers – at least in the short term – is the low prices yesterday, held support against the 100 bar MA on the 4-hour chart (see blue line on the chart below).
What the buyers have NOT done, is get above the 200-day MA at 1.3588, and ultimately, the 38.2% at 1.3633 of the August trading range, to show that the buyers are taking back more control. Absent those breaks, and the buyers are NOT winning.
More patience may be needed but there is work to do by the buyers to prove their strength.
This article was written by Greg Michalowski at www.forexlive.com.
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