As Powell’s testimony goes on, the USDCAD is stuck in an up and down range.

July 9, 2024 4:50 pm

The USDCAD has been trading in an up-and-down trading range over the last few days . The low yesterday was at 1.36238. The high price today was at 1.3647. That’s not a lot of movement.

Within the range sits its 100 day moving average between the two levels at 1.36369, and price action has been above and below that level since Friday when the price pushed back above that level.

So buyers and sellers are telling us through the price action is that they are unsure. Buyers can push a price higher and away from the 100 day moving average. Sellers can’t push the price lower and away from its 100-day moving average.

In this video out one levels in play and point out that when the market is stuck in the mud, it is time to look for a break. Logically, markets just don’t stay in a 24-pip trading range forever.

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