USDCAD moves toward support targets
200 hour MA swing area and 50% of the move up from June 23
The USDCAD is trading to a new session low and in the process is testing a cluster of support defined by the 200 hour moving average, the 50% retracement of the move up from the June 23 low, and a swing area between 1.2350 and 1.23546.
This is a key target area for both the buyers and sellers given the cluster of technical levels. A move below would next target 1.2327 – the 61.8% retracement of the same move higher. If support is able to hold, the bias is more neutral with the 100 hour moving average and 100 day moving average as resistance above near 1.2386 to 1.23892, and the cluster of support near 1.2350.