USDCAD ups and downs continue to trade today, with the pair priced at (I think I don’t know how to move back above the converged 100 and 200 hour moving average at 1.3175, the move is back up today.

Looking at the hourly chart below, the pair has seen higher late lows and lower highs. On the upside, once the trader gets above the 38.2% retracement at 1.3204, he will target the descending trend line at 1.3223. Further targets will be to break above this level at yesterday’s high near 1.3228 and the 50% midpoint of the July trading range at 1.32390. Get above the median and buyers take even more control.

On the other hand, a return below the 100 and 200 hourly moving averages would be needed to move downwards again. Given the ups and downs that cannot be ruled out.

For now, buyers are more in control.