USDCAD waits for the next shove after BOC rate decision

Technical Analysis

USDCAD await for the next shove

The USDCAD remains within the close technical borders with the high at 1.32072 holding resistance and the 100 hour moving average (blue line in the chart above) at 1.31462 holding support. The current price trades between the levels of 1.31817.

Traders are looking for the next shove either to the upside or to the downside. Being above the 100 hour moving average gives the buyers little bit of an advantage although there are now 3 highs near the 1.32072 level.

Looking at the daily chart, the price is also above the old topside trend line which is a positive from a technical perspective. That trend line comes in at 1.3166. It would take a move below that level to give the sellers some relief.

The high price in July reached 1.32228 (that is the high for the year and the highest level since November 2020). Getting above that high and staying above would increase the bullish bias.

USDCAD above topside trend line

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