By: Greg Michalowski
The USDCAD found support ahead of the 1.0160 level and has moved higher (See earlier post). The pair has been able to move above 200 hour MA at the 1.01946 level which is good. However, the area also has resistance against the 38.2% of the move down from the June 28th high at the 1.01994. The combination gives buyers a few reasons to sell. So expect a battle at the level.
The USDCAD found support ahead of the 1.0160 level and has moved higher (See earlier post). The pair has been able to move above 200 hour MA at the 1.01946 level which is good. However, the area also has resistance against the 38.2% of the move down from the June 28th high at the 1.01994. The combination gives buyers a few reasons to sell. So expect a battle at the level.
