USDCAD trades near converging cluster of MAs

In line with expectations, Canada's retail sales for the month exhibited a decrease of -1.4%, even as the core measure outperformed predictions at -0.3%, compared to an expected -0.8%. Concurrently, oil prices saw an upward swing, creating a mixed economic landscape. This combination of softer retail data, coupled with stronger oil prices, has caused a moderate dip in the USDCAD, edging it towards technical support.

Examining the hourly chart, 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 been moving towards a confluence of converging moving averages:

1. The 100-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, currently descending, stands at 1.3477.
2. The 200-day moving average, on an upward trajectory, lies at 1.3470.
3. The 200-hour moving average, also rising, is located at 1.34588.

These movements have resulted in a neutral technical zone in the range of 1.34588 to 1.3477, with the price oscillating around this MA swing area. The low price within this range reached 1.3469, with the current price gravitating towards the higher end at 1.3477.

Earlier this week, the peak price of 1.3567 was hit during Monday's Asian session, slightly above a swing area between 1.3553 and 1.3566. Conversely, the lowest price point of 1.3403 was achieved on Tuesday, briefly undercutting another swing area between 1.3404 and 1.34214.

On Wednesday, the price took a breather at the 200-hour moving average on a dip and then rebounded to a lower swing area between 1.3517 and 1.35266. As the pair converges around neutral levels defined by the MAs, the market is bracing for the next substantial movement in response to upcoming economic signals. Waiting for the next shove.