USDCAD is greater on the week however exercise was restricted as patrons and sellers battled

The USDCAD has moved greater this week, but it surely hasn’t been a
clean experience.

The low for the week was set on Monday, with the overall
buying and selling vary holding to a comparatively slim 70–75 pips. The excessive was reached
on Thursday, coming in close to a swing excessive from August 1. Right this moment’s pullback examined
the rising 100-hour shifting common at 1.37807, however sellers might solely push the
value to 1.3788 earlier than a modest rebound to the upside.

Technically, the worth spent a lot of Monday by way of
Thursday oscillating round its 100-day shifting common — a degree that usually
serves as a key help or resistance zone. This week, nonetheless, it acted extra
as a magnet, reflecting an ongoing tug-of-war between patrons and sellers.
Yesterday’s breakout above the 100-day shifting common (now at 1.37707) has so
far been sustained, suggesting patrons have gained a slight edge.

Heading into subsequent week, in addition to a value to stay above
the 100 day shifting common, the bias stays extra to the upside. On the
topside, the excessive value from the week close to 1.38193 and going again to August 1
as properly, is the shut goal above that and the excessive value from final week at
1.38788 could be focused.

There’s room to
roam.

On the draw back, transfer again beneath the 100 day shifting common
and the sellers regain agency management from a technical perspective.

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This text was written by Emma Wang at investinglive.com.