USDCAD is hanging around the 50% midpoint as buyers and sellers await the next shove

The USDCAD fell in Asian trading today and tested the low price from Friday’s trading at 1.3631. The price bounced higher and moved above the 50% midpoint of the April trading range at 1.36612, but found resistance sellers leaning against its falling 100-hour moving average at 1.3672. That moving average will be a target that would need to get broken and stay broken to give the buyers more confidence (and move away from the 50% midpoint once again).

If, however, sellers are stronger against the 100-hour movie average and push below the 50% midpoint, traders would look again back toward the 1.3631 level, followed by the swing area between 1.3605 and 1.3621.

Traders are looking for the next shove technically

This article was written by Greg Michalowski at www.forexlive.com.