The USDCAD has retraced back to 200 hour MA

Technical Analysis

Author: Greg Michalowski | usdcad

The pair is trying to keep a lid on the pair

The USDCAD cracked below some pretty key levels earlier in the day including the 200 hour MA (green line at 1.32975), a swing area at 1.32877-953, and the 200 day MA at 1.32857.

USDCAD on the hourly chart

After bottoming at 1.3268, the price has had a corrective climb back higher.

That move has now taken the price back above those broken levels. However, there is a bit of a stalled against its 200 hour moving average at the 1.32975 level.   

IF sellers are to keep control, they have to do it right here.  

More confidence will be gained if the price can move back below the 200 day moving average at 1.32857.

Key level. Key test folks.

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