The USDCAD retraces lower but finds support buyers ahead of support target

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The USDCAD retraces lower but finds support buyers ahead of support target

The USDCAD spiked higher with the overall dollar buying yesterday, and that took the price above a swing high from 2020 at 1.4348.

The price today has moved back to the downside in trading today, but has so far found support at that swing level. It is a short term bias defining level that if it held, would keep the bias firmly in control. 

A move below and traders will look toward support near the underside of a broken trend line at 1.4322. Move below that and the rising 100 hour MA at 1.4298 and another swing level on the daily going back to 2020 at 1.4264 would be eyed. 

                This article was written by Greg Michalowski at www.forexlive.com.

Source: The USDCAD retraces lower but finds support buyers ahead of support target

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