The USDCAD moved up on Friday and stalled at the falling 200-hour MA.
Today, the price did move above that falling MA (it was lower today), but stalled near the high from Friday, and below the 50% midpoint of the September trading range (at 1.35328). Those are the topside targets to get to and through to increase the bullish bias.
On the downside, after failing back below the 200-hour MA today, the sellers pushed down but found support buyers near the swing level of 1.3486. That level did hold support in the early North American session and pushed the price back higher.
So
- Support at the swing level near 1.3486.
- Resistance is at the 200-hour MA at 1.35176, and the highs from Friday and today near 1.3526.
The lines in the sand are defined. It is up to the buyers or sellers to take more control on a break of either extreme. Until then, the buyers and sellers can battle it out between the lines.
This article was written by Greg Michalowski at www.forexlive.com.
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