USDCAD can't stay above 100 day MA

Technical Analysis

Author: Greg Michalowski | usdcad

Rebound in crude, lead to some profit taking

The USDCAD moved above its 100 day MA at 1.3331 earlier today (after testing and backing off on the first look).  The move above was the first time since June 2020.  

Rebound in crude, lead to some profit taking

The high price reached 1.3389, but as crude oil bottomed and started to move back higher, the USDCAD peaked and started to move back to the downside.   Now, the 100 day MA has been broken to the downside.  The technical waters are tilting more to the downside below that line.  

The failure is a disappointment and should put the sellers back in control against the level for now.  

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