Forex Trading: USDCAD Trying To Bottom. But Not Getting Very Far.

The USDCAD is trying its best to bottom. The problem is there does not seem to be much of a short to cause a strong bounce in the currency pair. 

From a technical basis the 1.0259 level has given us a number of hourly bar bottoms at the level to keep us interested in that level as a pivot area. If the price is above, bullish. If the price moves below bearish. A break below has 1.0234 as the low target and below that level, the low for 2010 comes in at 1.0223.

On the topside there are a number of hurdles that need to be breached.  The first would be the 100 hour MA which is currently at the 1.0283 level.  The next is the 1.0307 level which was the low from March 2nd. The next is 1.0338 which was the high area from march 4th and then 1.0367 the highs area from March 1st. 

Which way is it going to break?  Continue to watch the levels for the clues.  They do tell a story.  The problem is we are surely gettting used to it.

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