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The song remains the same with regarrd to the USDCAD. The pair remains within a bigger trading range between 1.42899 and 1.4466. In between says the 100 and 200 hour moving averages at 1.4372 and 1.4382 respectively. The price is currently testing those moving averages. A move below, would tilt the technical bias more to the downside with 1.4348 the next target.
Conversely, staying above and the bias remains more in favor of the buyers.
In the bigger picture, however, getting outside of the red box between 1.42899 and 1.4466 – and staying outside – is needed to give either the buyers or sellers more control. Until then the song remains the same, and the ups and downs continue with shifts near the moving averages along the journey.
This article was originally published by Forexlive.com. Read the original article here.