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USD/CAD is trading lower despite the GDP data we can expect today, but in the process the swing zone support between 1.36049 and 1.36154 is being tested. Support buyers came in opposite this level and pushed the price to the upside again.
On the upside, the 100-bar moving average on the 4-hour chart at 1.3658 is the next target. Recall from yesterday that the moving average stopped falling. If the price can break above this moving average, the 200-bar moving average on the 4-hour chart at 1.36865 will be the next target. Today’s high price (before moving lower) found willing sellers against this moving average.
So the support held against the swing zone. Resistance looms.
The Bank of Canada’s interest rate decision is also expected next week. There is no hope of lowering interest rates.
