The USDCAD sellers had their shot below key swing area support. They missed.

The USDCAD last week fell below a key swing area on the daily chart (see chart below). That area came between 1.3207 and 1.32299. However, momentum could not be sustained, and in trading today the price has moved higher and above the high of the swing area.

Drilling down to the hourly chart below, the price has also moved above the falling 100-hour moving average at 1.32422. That level will now be close support. Over the last 7 or so trading days, the price has moved above that 100-hour moving average on a number of occasions but stalled well ahead of the falling 200-hour moving average. That 200-hour moving average currently comes in at 1.32913 and represents the next key target. If the buyers are to take control, getting and staying above the moving average is essential. The price of the USDCAD USD/CAD The USD/CAD is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Canadian dollar of Canada (symbol $ code CAD). The pair’s exchange rate indicates how many Canadian dollars are needed in order to purchase one US dollar. For example, when the USD/CAD is trading at 1.3500, it means 1 US dollar is equivalent to 1.35 Canadian dollars. The US dollar (USD) is the world’s most traded currency, whilst the Canadian dollar (CAD) is the world’s seventh The USD/CAD is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Canadian dollar of Canada (symbol $ code CAD). The pair’s exchange rate indicates how many Canadian dollars are needed in order to purchase one US dollar. For example, when the USD/CAD is trading at 1.3500, it means 1 US dollar is equivalent to 1.35 Canadian dollars. The US dollar (USD) is the world’s most traded currency, whilst the Canadian dollar (CAD) is the world’s seventh Read this Term has not traded above the 200-hour moving average Moving average A moving average is a statistical tool that is used to smooth out short-term fluctuations in data and reveal longer-term trends. It is calculated by taking the average of a certain number of data points over a specific period of time, and then plotting that average as a line on a chart. The most common types of moving averages are simple moving averages (SMA) and exponential moving averages (EMA).In financial markets, moving averages are often used to analyze stock prices, exchange rates, and ot A moving average is a statistical tool that is used to smooth out short-term fluctuations in data and reveal longer-term trends. It is calculated by taking the average of a certain number of data points over a specific period of time, and then plotting that average as a line on a chart. The most common types of moving averages are simple moving averages (SMA) and exponential moving averages (EMA).In financial markets, moving averages are often used to analyze stock prices, exchange rates, and ot Read this Term since June 1.

Support now at the 100-hour MA at 1.3242 and the high of the swing area at 1.32299. On the topside, the low from last Wednesday at 1.32871 and the falling 200-hour MA at 1.32913 are upside targets that need to be broke, if the buyers are to take more control.