USDCAD seller are making a play in No American trading after waffling up & down this week

The USDCAD is trading to a new low in morning North American trading. In the process, the narrow 23 pip range over the first 2 1/2 days of the week (between 1.3623 and 1.3646). Sellers are making a play…finally.

The pair is looking to enter a swing area between 1.3596 and 1.3615. Within that swing area sits the key 200-day moving average at 1.3596. The price has not traded below its 200-day moving average since early April 2024.

If the sellers are to take more control, getting below that 200-day moving average is important.

In this video, I take a look at the price action and the technicals that are driving this currency pair. Remember you can also find other technical analyses by visiting https://www.forexlive.com/technical-analysis every day.

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