The USDCAD will tire earlier in the week but gave up gains after the FOMC rate decision and press conference. Admittedly there was up-and-down volatility but support yesterday did store within a cluster of the technical level was including the 200-hour moving average at 1.3696, the 100-hour moving average of 1.3706, the 100-bar moving average on the 4-hour chart 1.3721, and a swing area between 1.37146 and 1.37281.
The current price trades between that cluster of technical levels as traders await the next shove higher or lower.
This article was written by Greg Michalowski at www.forexlive.com.
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