USDCAD makes new lows today but trying to bounce

The price has moved back above the 100 and 200 bar MAs on the 5 minute chart at the 1.0385/88 area (blue and green line in the chart above). This gives a slightly bullish bias for the pair with the bias turning back to the downside below 1.0385. If the price is able to stay above this support level, there is key resistance at the 1.0405-15 level for the pair going back to the daily chart where a number of lows and highs occurred in the past. The price reached a high of 1.0404 earlier today and came off.

On the downside, a move back below the 1.0385 level should extend the downside to test the low at the 1.0368 level.




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