USDCAD dips back below the 100 hour MA
Not ready to move above the 200 hour MA
The USDCAD is trading in a 49 pip range today (thanks to a dip to new lows in the NY session). The fall came after a failed attempt at trading above the 200 hour MA (green line). The price has been below the 200 hour MA since January 3rd. The consolidation at the lows since January 8th after a trend run lower, has allowed the MA to catch up with the price. Now is the time to make a choice....higher or lower.