You elevate your

The USDCAD continued its run to the draw back in in the Asian session right this moment, and in the course of fell under the 50% midpoint of the transfer up from the September low to the October excessive at 1.35813.

However, after reaching a low near 1.3570, the worth bounced greater.

What stalled the fall?

The 200 bar moving average on the 4-hour chart gave merchants some trigger for pause (see inexperienced line on the chart under). Looking again in time, that moving average was resistance earlier than breaking greater on September 29 and turning into support earlier than its run to the upside.

The corrective transfer greater right this moment will again as much as a swing space between 1.3600 and 1.36125. The excessive worth reached 1.3616 earlier than rotating again down. Currently, the worth is simply above the 50% midpoint at 1.35813 on September 29.

So support in opposition to the 200 bar moving average on the 4-hour chart near 1.35712 held. Resistance in opposition to a top-side swing space at 1.36125 additionally did job of holding on the topside. In between (nicely nearer the low support) sits the 50% midpoint at 1.35813 stage. If the low is in place for now, watch that stage for support forward of the 200 bar MA.

Look for the break outdoors these ranges with momentum ultimately.