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The USDCAD becomes unchanged again.  More work to do to increase the short-term bullish bias

USDCAD returns to flat on the day

The USDCAD came back unchanged on the day. The price closed Friday at 1.25854. The high price just hit 1.25848. The current price is trading at 1.25765.

The pair initially turned lower, but found support near a former trendline after hitting a new low dating back to April 21st. The North American session has seen an upward bounce in the past 3-4 hours. The highest price of the day was in the Asian session at a nice round number of 1.2600.

Moving back into positive territory for the day and above the 1.2600 level would prompt traders to look to the decline of the 100 hourly moving average at 1.26104. Recalling last Thursday, price rose to test this moving average line only to find sellers near the level and a rotation down. As a result, the importance of the moving average has increased. Exceeding it would be a step in the bullish direction.

Conversely, if the price action cannot begin to clear the aforementioned levels from Friday’s close, the sellers remain in control. A move below Friday’s low at 1.2550 would now match the downside bias.


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