After finding strong support late last week near the 100-day moving average at 1.4269 after breaking below and failing —it is also a key swing area dating back to December—the pair rebounded sharply. That bounce held through the weekend, and yesterday's rise and today's up and down consolidation, has seen price climb above - and stay above - both the 200-bar and 100-bar moving averages on the 4-hour chart. That level is now acting as support at 1.4318 and 1.4344 respectively.
On the downside, it would take a move below he 100 bar MA on the 4-hour chart at 1.4247 to tilt the bias back to the downside.
Support: 1.43474 (100-bar MA H4), 1.4321 (200-bar MA H4), 1.4269 (100-day MA/swing zone), 1.4238 swing level
A failure back below 1.4347 would weaken the short-term bullish case, but for now, the momentum favors further upside as long as price holds above the 100 bar MA on the 4-hour chart.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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