Technical Analysis

USDCAD hardly moving but stays below 200 day MA

USDCAD is asleep in a 23 pip trading range

The USDCAD is hardly moving today with the pair in a narrow 23 pip trading range. It is asleep.

However, sleeping bears wake up and the USDCAD is trading with a negative bias. That comes from trading below it’s key 200 day MA (green line) at 1.32686.

The pair yesterday traded above and below its 200 day MA at 1.32686 as traders were unsure o the next directional move. 

Today the pair has been able to stay below that MA line for all but the first hour or so of trading. 

So the bear is asleep in the USDCAD but the bear is more in control.  Technically, stay below the 200 day MA and the the bears remain in control. Move above and there may be some covereing (especially since the pair has traded below the line all day).

ForexLive

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