USDCAD keeps a bullish bias above MA supportbut there is more work to do to increase bias

June 06, 2024 at 05:19PM
The Bank of Canada cut rates yesterday, and soon after the decision, the price of the USDCAD moved higher (lower CAD). That move to the upside broke above an upside target area defined by the swing area between 1.3714 and 1.3728. The price also moved about the topside trendline. What it did not do, is extend above the high price from two weeks ago at 1.3742, and when the aforementioned swing area could not hold support (after the break higher), buyers turned to sellers and pushed the price lower.

The move lower took the price below its 200 are moving average on the four hour chart at 1.3673, but not the 100 bar moving average on the same chart at 1.3655. That has given the buyers the edge from a technical perspective, “with work to do”.

The “work to do” is to get above the swing level and the trend line and stay above.

In this video, I outline the move and what needs to happen to keep the buyers and control and take more control.

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

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Payment services for HUBFX are provided by The Currency Cloud Limited. Registered in England No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199) and The Currency Cloud Inc. which operates in partnership with Community Federal Savings Bank (CFSB) to facilitate payments in all 50 states in the US. CFSB is registered with the Federal Deposit Insurance Corporation (FDIC Certificate# 57129). The Currency Cloud Inc is registered with FinCEN and authorized in 39 states to transmit money (MSB Registration Number: 31000160311064). Registered Office: 104 5th Avenue, 20th Floor, New York , NY 10011 and CurrencyCloud B.V.. Registered in the Netherlands No. 72186178. Registered Office: Nieuwezijds Voorburgwal 296 – 298, Mindspace Nieuwezijds Office 001 Amsterdam. CurrencyCloud B.V. is authorised by the DNB under the Wet op het financieel toezicht to carry out the business of a electronic-money institution (Relation Number: R142701)

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