There is a big swatch ceiling at 1.3480-97 in the USDCAD
The USDCAD story remains the same from yesterday. ON the downside the 100 and 200 hour MA area (blue and green lines) remain a key support. They come in at 1.3456-59. Yes, the price has dipped below each over the last two days, but only by a few pips (with little momentum).
On the topside, there is a wide swatch of yellow between 1.3480 and 1.3497. There have been about 19 different (at a minimum) looks into that range, only to back off and trade back below the area. Last week, there is a lone soldier that ventured above the area to 1.35046, only to be beaten back by a seller attack.
There is a lot of ups and downs in the pair. The last two days have traded in the upper extreme of the bigger ups and downs area going back to the end of April. However, it still takes a rush above the “swatch” with momentum, to kick start a new run higher. Play the ranges for now, with stops (and reversals) on the breaks. Then hope for a momentum move in the direction of the break and traders hop on the change in the picture/technicals.