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Thursday, June 24, 2021

USDCAD buyers and sellers battling it out

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Up and down trading to start the week with buyers failing above resistance and sellers failing below technical support

The USDCAD has seen the buyers and sellers battling it out in trading to start the week. 

Up and down trading to start the week with buyers failing above resistance and sellers failing below technical support

The buyers initially moved above a fairly solid swing area between 1.20898 and 1.20949. The high price reached 1.2106, but stalled and reversed. 

The sellers then took back control and move the price below its 200 and 100 hour moving averages (green and blue lines) at 1.20788 and 1.2075. The low price reached 1.20647 and reverse back higher.  

So both the buyers and sellers had their shots above technical resistance and below technical support with each break failing.  There may be some blood from the battle, but they each are continuing to fight it out.

The current price is trading right around the moving averages.  Move back below and the tilt moves in favor of the sellers.  Look for a new session low and more downside probing. 

If sport holds, they run back toward the 1.2095 area cannot be ruled out.  Break above and it should open the door for further upside momentum. 

For now, the fight continues as buyers and sellers try to figure out the next shove. 

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