The USDCAD this week initially moved lower with the USD selling after the US CPI report on Wednesday. However, the pair ran into technical support at the 100/200 bar MAs on the 4-hour chart and started the bounce higher. See the post here:
The subsequent move back to the upside has now retraced the full decline and is now up on the day.
Today, after reaching a high, the price corrected lower, but found support a the 100-hour MA at 1.3747. That is key for the technical bias. Staying above keeps the buyers in full control.
On the topside, there is swing area resistance between 1.3784 and 1.3803. Get above that level and the 2024 high at 1.38454 is next key target (obviously).
This article was written by Greg Michalowski at www.forexlive.com.
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