The price is near the lows but price cannot reach the earlier day lows.
The USDCAD range today took the price to the lowest level since June 10. The low today reached 1.3330. The low in June reached 1.33144. A move below that low would take the price to the lowest level since February. As a result, we are near a key support level. We are sitting on the edge from the daily chart perspective.
Drilling to the hourly chart, the price action is suggesting the uncertainty as to what the pair should do. The sellers today first moved to to the new session lows, only to have that reverse back higher. At the high for the day, the price moved above the 100 hour MA (falling at 1.33913) but could not muster enough energy from that break to get above a pretty strong trend line just above that MA.
On the downside, the most recent intraday low took out low from July 23rd by a few pips but could not extend to the low for the day. the price is now testing a swing line at 1.33694. Get above and the buyers are taking a little more control (with work to do).
The battle is on. The daily chart shows it. The hourly chart shows it. We are just waiting for the next break and run.
