February 3, 2023

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USDCAD cannot break below support floor from last week

1 min read

The 1.2525 area holds support again in the USDCAD

The USDCAD traders leaned against the 1.2525 level for the third time in the last 4 trading days. Needless to say, holding the level gives buyers some hope. Moving below would be more bearish. 

The 1.2525 area holds support again in the USDCAD

What is also holding as markets quiet, is the 50% midpoint of the July trading range. That level comes in at 1.25543. The high over the last 5 hours has reached 1.25533 – a pip below that level.  If the price can move above and stay above, traders will start to look toward the 100 hour moving average near 1.2595 (and moving lower) and the 200 hour moving average at 1.26104. The 200 day moving average is also near that level CC hour moving average level. 

For now, the trading ranges from 1.2525 to 1.25543 with traders looking for the next shove one way or the other.  In between is the traders preference perhaps a negative bias being below the 200 day moving average, the 200 hour moving average, the 100 hour moving average and finally the 50% retracement.

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