USDCAD continues its ups and downs. Today is an up day

The USDCAD moved lower again yesterday but when the price tested a swing area between 1.42969 and 1.4304, sellers turned the buyers once again and the price bounced higher (see renumbered circles and low of red box on the chart below).

In trading today, the price has continued its move to the upside and has now broken back above a cluster of moving averages between 1.4372 and 1.43814.

Those moving averages are in the middle of the trading range and will act as a runner for more bullish above and more bearish below.

Ultimately, this up-and-down price action will need to be broken that the upper or lower extremes (yellow areas and red box on the chart below).

Until then, however, the buyers and sellers will continue the ups and downs. Look for sellers near the high yellow area, and look for buyers are the low yellow area.

The video goes through the technicals and are driving the USDCAD pair.

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