USDCAD another pair that has retraced the USD gains. Back down testing 50% midpoint.

The USDCAD has been trading up and down over the last few days of trading. The volatility intensified today with a move lower into retracement and swing area support, followed by a move higher into swing area resistance, followed by another move lower into the same retracement and swing area support as the initial move down today.

The price is currently testing the 50% midpoint of the April trading range at 1.36612. The swing area is between 1.3654 up to 1.3668.

The decision for traders is whether to buy the dip against the 50%/against the swing area down to 1.36546 (and for the subsequent bounce), or look for a break of that level with more momentum pushing the price down toward the 61.8% retracement and rising 200 bar moving average on 4 hur chart at 1.3615 area

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