Tue. Oct 26th, 2021

Net support from 1.2580 to 1.2596 has slowed the fall today

The price of USDCAD has risen and is approaching the average drop of 100 hours and the decline of 61.8% to 1.26643. Just above, the 200-hour moving average is set at 1.26721.

Net support from 1.2580 to 1.2596 has slowed the fall today

Last week’s price rose sharply and peaked at 1.29483. Since then, the sharp rise has been reversed with the return of the price to the old ceiling area between the 1.2580 and 1.2596 area. Buyers have leaned against this level over the past three trading days.

So there is a battle going on between the old roof that is now at the bottom and the previous moving averages. Traders will look for a break with momentum in the direction of the break. Alternatively, risk focus operators will be supported at these levels and expect the market to continue to consolidate and the battle to continue.
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