USDCAD bounced off a lower trend line on the hourly chart earlier today
The USDCAD is trading to a new session high reaching 1.2761. The high price is testing a swing area going back to January 29 between 1.27616 and 1.27684 (which is also the 38.2% retracement of the move up from January 21).
There is some stall seen against the low of that swing area. A move above would have additional resistance against the falling 100 hour MA and 200 hour MA at 1.2777 and 1.2795 respectively. A downward sloping channel trendline also cuts across between those moving averages.
Earlier today, the pair moved below the 50% retracement but bottomed against the lower channel trendline. The price bounced off that level and has seen more upside momentum over the last 2 hours above the midpoint level (at 1.27338). If the price can stay above the 50% level, the dip buyers would be comfortable. Move below, and should see a retest of the lows and the lower trend line.
