USDCAD bounces back higher. Test 100 hour MA and the 38.2% retracement
USDCAD technicals . The USDCAD followed the USD lower earlier today, but has reversed back to the upside over the last few hours of trading.
The USDCAD followed the USD lower earlier today, but has reversed back to the upside over the last few hours of trading.
Technically, the price is back near the resistance level tested at the start of the North American session near the 100-hour MA and the 38.2% of the range since the mid-May high. Both of those levels come in at 1.3722 currently.
Earlier, the decline was able to get below a swing area between 1.3685 and 1.3692. However, the low price fell short of the 200 moving average at 1.3667, only reaching 1.3678 before bouncing back to the upside.
As the day comes, the traders will watch the 1.3722 is a barometer for "more bullish above" or "more bearish below".
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