The USDCAD Extended Higher Today
Key Moving Averages and Resistance Levels
The USDCAD extended higher today helped by the US CPI, but the price action reached out for its 100 bar moving average on the 4-hour chart at 1.35199, and its 100-day moving average at 1.3537. Also in that area is the 50% midpoint of the move down from the November high level comes in at 1.35378. That cluster of resistance has been able to hold on the first test. Going forward, it would take a move above that area to tilt the bias more to the upside. Conversely, on the downside, a move back below…
How this will affect me
For individuals or businesses that have exposure to the USDCAD currency pair, this movement could impact the value of their investments or transactions. It’s important to monitor these key moving averages and resistance levels to make informed decisions.
How this will affect the world
The movement of the USDCAD pair could have broader implications for the global economy, especially for countries that have trade relations with the US and Canada. Changes in exchange rates can impact trade flows, investments, and economic growth on a larger scale.
Conclusion
In conclusion, the USDCAD pair’s movement today highlights the importance of key moving averages and resistance levels in determining market biases. Whether you are an individual investor or part of the global economy, staying informed about these developments can help you navigate the ever-changing financial landscape.
