Like other currency pairs this morning, the USDCAD has seen ups and downs after the US PPI data. The initial move was to the upside as traders and algos reacted to the higher-than-expected headline PPI data. When the revisions were eyed, the dollar moved back to the downside.
Technically, at session highs, a cluster of moving averages including the 100, 200 hour MAs and the 100 bar MA on the 4-hour chart all helped to stall the rally near 1.3692.
The subsequent move to the downside stalled near swing level flows from April 26, April 29, and Fridays trade between 1.3628 and 1.3632. The price has bounced off of that support level.
The buyers and sellers are battling it out between The levels near 1.3630 and 1.3692. In between sits the 200 bar moving average on a 4-hour chart 1.3670.
Trading the range. That what the traders are doing and waiting for the next break.
