Up and down price action in the USDCAD
The USDCAD continues to consolidate with a floor being developed at the 1.40759 level and a topside trend line, currently at 1.4228 as topside resistance.
In between sits the 100 and 200 hour moving averages (blue and green lines) at 1.4151 – 61 area. In the consolidation seen over the last 4 so days, the moving average have been largely ignored as traders play the top and downside ranges. The price today is trying to stay below the moving average lines giving a more bearish bias intraday.

On the downside, a break of the floor at 1.40759 would have traders looking toward the swing area at 1.4008 – 18. Below that and the March 27 low at 1.39203 will be targeted.