The ups and downs in the USDCAD continues. Bias shifts back and favor the buyers.

<p>The ups and downs in the USDCAD continue in trading today, with the price of the pair are (I think I don't know moving back above the converged 100 and 200-hour moving averages at 1.3175, the shift is back to the upside today.</p><p>Looking at the hourly chart below, the pair has seen higher lows of late and lower highs as well. On the top side getting above the 38.2% retracement at 1.3204 will have traders targeting the downward-sloping trend line at 1.3223. Getting above that level in the high from yesterday near 1.3228 and the 50% midpoint of the July trading range at 1.32390 will be the next targets. Get above the midpoint level and the buyers take even more control.</p><p>On the downside, it would take a move back below the 100 and 200-hour moving averages to shift the bias once again to the downside. Given the ups and downs that can't be ruled out. </p><p>For now, the buyers are more in control. </p>

This article was written by Greg Michalowski at www.forexlive.com.