USDCAD trapped between key swing levels as traders await breakout ...Middle East

Despite the intraday push higher, buyers failed to break through that 1.3628 ceiling, leaving the pair trapped in a defined battle zone between 1.3589 and 1.3628. As long as price remains within that band, the pair remains in wait-and-see mode for the next directional shove.

1.36388 – broken 61.8% retracement

1.3684 – falling 200 hour moving average

1.3574 – low from yesterday and for the week

1.3539 – low from June and for the year.

Traders should watch for a clear break of this short-term range to define the next momentum push. However take note that the pair has been seen one of up and down volatility not only spread out but intraday/intraweek. That suggests being nimble. Listen to the price action.

This article was written by Greg Michalowski at investinglive.com.

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