USDCAD continues to have problems on rallies

Can't solicit buyers above the 100 hour MA (200 hour MA remains untested)

The USDCAD continues to have problems on rallies.

The pair moved above the 100 hour MA on Tuesday and failed (blue line in the chart below). Yesterday, the price moved above the same MA and failed. Today the pattern is the same - move above the 100 hour MA and fail (see red shaded areas in the chart below).

We currently trade near the lows for the week at 1.2974. The 100 day MA is lower at 1.2959. The price has not traded below that MA since April 20. The lower trend line comes in at 1.2949 (and moving lower)

Sellers remain the dominant bias on the failures to hold a rally (the 200 hour MA - green line - has not been sniffed all week). However, the support levels have also held. So buyers and sellers are still leaning against technical levels (those are trading levels). At some point there will be a break - higher or lower. For now, you can trade the levels.