The oscillation zone is between 1.3131 and 1.31357
USDCAD is experiencing volatile trade up and down. In the middle of the range is the floor area on the hourly chart between 1.3131 and 1.31357. This area blocked falls from August 10 until today (just before the Fed Chairman’s speech).
Since the speech, however, the price has hovered above and below the floor area. We are currently below the level but it is not working. Can sellers keep the pressure on? Or will the highs and lows around the level continue until the “market” gets a firmer grip on the directional movement of the USD / pair?
On the top, the 1.31585 to 1.31683 is a swing zone to move above for a more bullish tilt (especially if the lower breakout fails). MAs 100 and 200 hours at 1.3180-83 are also targets (blue and green lines).