The swing area comes between 1.3131 and 1.31357
The USDCAD is seeing volatile up and down trading. IN the middle of the range is the floor area on the hourly chart between 1.3131 and 1.31357. That area has stalled the falls from August 10 into today (just before the Fed Chair speech).
Since the speech, however, the price has swung above and below the floor area. We are currently below the level but it is not running. Can the sellers keep the pressure on? Or will the ups and downs around the level continue until the “market” gets a firmer handle on the directional move in the USD/ the pair?
On the topside the 1.31585 to 1.31683 is a swing area to get above for a more bullish tilt (especially if the break lower fails). The 100 and 200 hour MAs at 1.3180-83 are also targets (blue and green lines).