USDCAD trades down to tests swing area support and finds buyers leaning

The USDCAD traded lower despite the we can expected GDP data today, but in the process is tested a swing area support between 1.36049 and 1.36154. Support buyers came in against the level and pushed the price back to the upside.

On the top side, the 100-bar moving average on the 4-hour chart at 1.3658 is the next target. Recall from yesterday that moving average stalled of the fall. If the price is able to get above that moving average, the 200-bar moving average on the 4- hour chart at 1.36865 will be the next target. The high-priced today (before moving lower) found willing sellers against that moving average.

So support held against the swing area. Resistance looms ahead.

Also ahead next week will be the Bank of Canada interest-rate decision. The hope is out for a rate cut.

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