Name: USDCAD falls on CPI data, but runs into technical support at the 100/200 bar MAs on 4-hour
Uploaded: 2024-06-12T14:49:09.000Z
Description: The 100 and 200 bar MAs on the 4-hour chart are being tested at session lows. Key barometer in the short term for buyers and sellers in the USDCAD today and going forward.

USDCAD falls on CPI data, but runs into technical support at the 100/200 bar MAs on 4-hour

The 100 and 200 bar MAs on the 4-hour chart are being tested at session lows. Key barometer in the short term for buyers and sellers in the USDCAD today and going forward.

The USDCAD moved lower on the better-than-expected CPI data, and the oil has now taken the price to the 100 and 200 bar moving averages on the four hour chart between 1.3679 and 1.3684. So far that level has been able to hold support.

It would take a move below that level to increase the bearish bias and have traders looking toward the swing lows from last Friday at 1.3661. Below that, traders would look toward the 1.3630 area.

Find out the technicals and play by watching the above video.

USDCAD finds buyers against 4-hour MA levels