Choppy trading around the 100/200 hour MAs
The USDCAD is higher on the day,but traders are waffling between turning bearish, and running back to the upside.
The price has been trading above and below the 200 and 100 hour MAs over the last 8 hours. The price just extended to a new NA session low at 1.35504, but are seeing a bounce off that level (flows into the USD after the worse than expected coronavirus data out of Florida). It will take a break with momentum (and a close) below the MAs to shift the bias back to the downside. So far sellers have not been able to keep the momentum going.
On the topside, keeping the sellers in play was the inability to extend above the topside trend line. That currently comes in at 1.3598. Traders leaned against that trend line on the test earlier today. A move above that level would next target the 1.3615 – 29 area.
