Ceiling defined by MA and trend line
The USDCAD is waffling up and down in trading today. There is no discernible trend in the price action.
However, the pair did stall against a topside trend line. The trend line comes in at 1.2328. Also there are no hourly closes above the 100 hour MA (blue line). The MA currently comes in at 1.2322. The high price for the day reached 1.2331.
That horse (trade) has left the barn, but it prepares us for the future. The area remains a risk level for shorts. Stay below is more bearish.
The problem for sellers and buyers is that the price is so up and down. There is not a lot of conviction today.
Nevertheless, the sellers are more in control below the aforementioned resistance levels. A move below the lows at 1.2293 and 1.2294 should open up for more downside.
