USDCAD technicals: The USDCAD is caught between the moving averages ...Middle East

On the 4-hour chart above, price action this week has respected major moving average levels:

On the downside, today’s low briefly moved below the 100-bar moving average on the 4-hour chart, now at 1.37305, but buyers quickly stepped in, preventing further downside and halting the decline.

Key Technical Levels:

Resistance: 100-day MA – 1.37954

Neutral zone: Swing area – 1.3749 to 1.3758

Bottom Line: Just like USDJPY, USDCAD is stuck between moving average extremes. The battle between buyers and sellers continues within a tight range, with momentum likely to build only after a break either above the 100-day MA or below the 100-bar MA on the 4-hour chart. Until then, tactical trading within the range remains the theme.

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

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