February 3, 2023

Forex Solution

Learn To Trade Forex

USD/CAD a little higher to start the new week but sellers still keep near-term control

1 min read

USD/CAD is up slightly to 1.2440 levels

USD/CAD H1 05-07

The high today hit 1.2354 but sellers have been leaning on the 200-hour moving average (blue line) to keep any upside momentum at bay, after having driven price lower post-NFP at the end of last week.

The dollar is sitting more mixed in quiet trading, with the US holiday today not really helping with the market mood surely as European traders don’t really have much key data to work with so far on the session.

The greenback is sitting near the lows for the day though but the daily range is not indicative of much as of yet. The loonie seems to be a bit of an exception though despite higher oil prices but that could turn once Canadian traders enter later today.

In any case, the technicals also help to tell the story here with further resistance seen closer to the 100-hour moving average (red line) @ 1.2389 with the 100-day moving average also seen nearby that level @ 1.2381.

Invest in yourself. See our forex education hub.

Source link

Copyright © All rights reserved. | Newsphere by AF themes.