USDCAD rebounds. Higher on the day and approaching overhead swing area | Forexlive

The USDCAD moved to a new low going back to February 16. The low price reach 1.3405. That was still well short of the rising 200 day moving average target at 1.33747 on the daily chart above (green line). The price is not traded below its 200 day moving average since August 11, 2022. The price is not close below the 200 day moving average since June 8, 2022.

The bounce higher today helped a little by declining oil prices. The crude oil contract is now trading just below the $80 level at $79.95. The price has moved up to a high of 1.34668. That is the PIP are so short of the low of a swing area between 1.34678 and 1.34982.

Will sellers come in against the low that swing area? Stay below we keep the sellers more in control. So far the sellers are holding onto control. The current price trades at 1.3456.