USDCAD has seen some ups and downs over the past few trading days. Volatility intensified today with a downward move towards swing zone retracement and support, followed by an upward move towards swing zone resistance, followed by another move down towards the same retracement and swing zone support as today’s initial bearish move.
Price is currently testing the 50% midpoint of the April trading range at 1.36612. The swing zone is between 1.3654 and 1.3668.
The decision for traders is whether to buy the dip against the 50%/against the swing zone up to 1.36546 (and for the subsequent bounce), or look for a breakout of this level with more momentum pushing price towards the 61.8% retracement. and a rising 200 bar moving average on a 4-hour chart in the 1.3615 area?
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