USDCAD remains above moving averages but lower on the day ...Middle East

This week began with some downside pressure. On the 4-hour chart, the price twice tested its rising 200-bar moving average at 1.37967 before finding buyers and turning higher. The rebound carried the pair back above the 100-bar moving average on the 4-hour chart at 1.3818, shifting near-term momentum back in favor of the bulls. Holding both the 200-day MA and the 200-bar MA on the 4-hour chart has laid a stronger technical foundation for an upside bias.

Looking ahead, if USDCAD can continue to trade above its key moving averages, the upside bias remains intact. However, to build greater conviction, buyers will need to push through the 38.2% retracement at 1.39235. A move above that level would suggest further upside potential and begin to put sellers on the defensive, threatening the broader bearish control that has been in place since the February peak.

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

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