USDCAD traded lower despite expected GDP data today, but in doing so tested a support zone hovering between 1.36049 and 1.36154. Support buyers ran into the level and pushed the price higher.
At the top, the 100-bar moving average on the 4-hour chart at 1.3658 is the next target. Recall from yesterday that the moving average stopped at the fall. If price manages to break above this moving average, the 200-bar moving average on the 4-hour chart at 1.36865 will be the next target. High prices today (before falling) found willing sellers relative to this moving average.
So the support held against the swing zone. Resistance is looming.
Next week will also see the Bank of Canada’s decision on interest rates. The hope of a rate cut is lost.
cnbctv18-forexlive
