USDCAD chops to a new session high

Technical Analysis

Author: Greg Michalowski | usdcad

The price of  the USDCAD has traded above and below the 100/200 hour MA over the last 8 hours. 

The USDCAD is chopping to a new session high. The chop has seen the price trade above and below the 100 and 200 hour MAs over the last 8 hours. 

The price of  the USDCAD has traded above and below the 100/200 hour MA over the last 8 hours. 
A new hourly bar has just started with the price coming off a new high for the day at 1.27458. If the price can now stay above the 100 hour MA at 1.27306, the buyers would be more in control.  Move below - and below the 200 hour MA at 1.27208 - and sellers are back in control (and the chop too).

Buyers making a play.

The next target is the 38.2% of the move down from the December 21 high at 1.2754.  Get above, and the buyers feel better.  

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