USDCAD back down and testing a key area. What is it and what is the roadmap going forward?

August 6, 2024
-FCHFX

August 06, 2024 at 05:49PM
The USDCAD has had a volatile up and down day, and the downs have sent the pair into a familiar swing area and also back near the high of an up and down area that defined the trading range from April until July.

Today, the first low for the day found support buyers in that swing area and bounce.

Now the price is back down retesting that area after a pretty decent run higher.

WIll the buyers give up within the swing area (down to 1.3784) Will the price break below the rising 100 bar MA not far from that level at 1.3779 and turn buyers back into sellers? Or will buyers once again come in and save the buyers/bulls against the support?

That is what is at stake at current levels. Find out all about it by watching the above video.

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

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