Modestly bearish bias
The USDCAD has moved up and down today with the pair currently modestly lower from the closing Friday level (at 1.2647. The current price is at 1.2639). The low for the day reached 1.2609. The high extended to 1.26719.
The North American session low dipped briefly below a swing area between 1.2631 and 1.26382, but has pushed back above it. Moving below that level would have traders looking back toward the 1.2600 level. That was a low going back to September 14 and the natural support level.
Last week, the pair moved back below its 200 hour moving average on Thursday. On Friday the spike high did take the price back above that moving average (green line in the chart above) but could not keep the momentum going. The pair retraced most of its gains on that day.
Today's price action is down, up and back down, but the bias remains more to the downside.
- The price remains well below a downward sloping 1.2692
- The price is below the 50% midpoint of the September trading range at 1.26938
- The price is below the falling 100 and 200 hour moving averages (blue and green lines currently both near 1.2714.
Sellers are more in control.
