FOREX IN WORLD

USDCAD follows the ups and downs. Settles into range with 100/200 hour MA support USDCAD trades above its 100/200 hour moving averages The USDCAD has had a down and up trading day. The initial move to the downside fell below a swing area between 1.2585 and 1.2591 on its way to the low for the day at 1.2567. That low briefly moved below the 38.2% retracement of the move up from the April 5 low at 1.2571, but momentum could not be sustained On the run higher, the price moved back above the near converged 100/200 hour moving averages (blue and green lines on the chart above), on its way to a swing area above between 1.26396 and 1.26452. Sellers leaned against that swing area (see red numbered circles). The price of the USDCAD has been trading between the hourly moving averages below and that swing area above since then. In between sits the 200 day moving average is found at 1.26243 which honestly has not been that great of a bias defining level. There has been a lot of ups and downs above...