USDCAD backtracks into support

The USDCAD is modestly lower today after peaking near the May 2022 high on Friday (highest level since November 2020). The price action today has seen a continuation of the move lower. The pair has moved below the swing high from last Wednesday and the down to a swing area between 1.29700 and 1.29798 (see green numbered circles). Below that sits, the rising 100 hour MA at 1.29606.

The low today has reached 1.2978. The current price is at 1.2990.

With the cluster of support between 1.29606 and 1.29798, the risk is defined and limited.

PS Increasing the supports importance, is that the 100 hour MA on the last two dips found support buyers. That increases the area’s importance going forward.

Stay above is more bullish. Move below is more bearish.