Down. Up. Down day in the USDCAD and also for the week.
Buyers dig in on test of the 200 hour MA
The USDCAD has seen the price action today move down, then up, then down again. The high reached 1.3251. The low reached 1.32155. The low did find buyers dig in against the 200 hour MA at 1.3214 (see green line in the chart below).
For the week, the pairs lows was reached on Monday at 1.3212. The high reached 1.32698. That is only a 59 pip trading range for the week. The high for the week did stall ahead of the 200 day MA at 1.32744 - just 5 pips from the week's high. That MA was last above on October 11 after an 8 day run above failed. It will take a move above the 100 day MA to solicit a more favorable bullish bias for the pair.
Going foward, getting below the rising 200 hour MA will look toward the the swing area on the hourly down to 1.32076, and not far from that level the 100 day moving average at 1.31983. Like the 200 day moving average, the 100 day moving average is a key barometer for bulls and bears(see blue line on the daily chart below). Moving below would tilt the barometer more to the downside (bearish) for the pair.
This week overall, saw up and down activity where technical levels at extemes did a good job of defining the range.