The Bank of Canada cut interest rates by 25 basis points yesterday, but despite the cut, the Canadian dollar rose against the US dollar (USDCAD lower).
The USD/CAD pair fell below the 100-hour moving average at 1.35136, but was unable to maintain the downside momentum to the 200-hour moving average at 1.34926.
In today’s trading, the price action was bullish and bearish in a relatively tight trading range (only 27 pips). The price action was bullish and bearish above and below the above mentioned 100-hour moving average at 1.35136. It seems that traders are sitting still and waiting for tomorrow’s US jobs data. The US jobs data will also be released tomorrow at 8:30 AM ET.
The market has two options near these moving averages. Either it is above the 100-hour moving average or it remains above or below the 200-hour margin.
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