Break lower yesterday is having some second thoughts
As the talks in Washington continue today and hopes for a true NAFTA deal with Canada, US and Mexico are on the positive side, the USDCAD has seen some up and down volatility today after the move lower over the last few days.
Technically, the price on Monday fell below the 100 day MA at 1.2988. That push was bearish for the pair (bullish for CAD). Yesterday a trend line was busted at 1.2942 on the way to the low at 1.2917 before a late day corrective rally.
Today, the price has chopped lower and higher. The move higher has taken the pair back above that trend line at 1.2929 currently (see chart above). That line will be a barometer for bullls and bears now. If the price can stay above move bullish. Move below, I think the bears will jump back on.
On the topside,t eh 1.29614-65 was lows back in early August. A move above gives the buyers more upside potential. The bigger levels on the topside is the 100 hour MA and the 100 day MA at 1.2988-929 area (blue lines).
Currently the price is at 1.2948 and near the high for the day. Watching 1.29614 above.
