The USDCAD is having it’s own up and down day today. Earlier in the London morning session, the price tested and held the 100 hour MA (blue line) at the 1.0162 level (low for the day 1.01649). Since then the price has spent most of the NY session above the 200 hour MA (green line) and the last 3 hours above the 38.2% of the move down from the June 28th high (at 1.01994).
The price is now back down testing that broken 38.2% level after failing to take out the high from yesterday. A move below 1.0199 will look toward another test of the 200 hour MA (currently at 1.0181) as this pair suffers from the lack of conviction by traders today.
