TECHNICAL ANALYSIS

USDCAD tests MA support and bounces back


Lots of choppy trading in USDCAD

The USDCAD has risen and fallen over the last few days of trading. The price action today saw an upward movement (jerky movement). The price of the last few hours has seen the price come back down.

Lots of choppy trading in USDCAD

The downward movement moved closer to its 200 100-hour moving averages which almost converged downward at 1.3383. Earlier in the day, price opened below the 2 moving averages (they were further apart at that time), then found support against the moving average level before moving up. Today’s high price stalled towards the end of the day, Thursday’s trade highs at 1.34508. This was a far cry from the high price reached last week at 1.34588.

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