The USDCAD has not traded below its 200 hour moving average since November 10
The price of USDCAD fell below the 100 hour moving average at 1.2743 and also a rising trendline on the hourly chart at 1.2731.
The break led to a move down toward the 200 hour moving average at 1.27069. The price of the USDCAD has been above the 200 hour moving average since November 10.
The price has been trending higher since the swing low on October 27 help by a stronger US dollar. The move higher from that low has taken the price up some 537 pips. The high price was reached yesterday at 1.28362. The low from October 27 was at 1.2299.
Looking at the daily chart, the high yesterday at 1.28362 remained below the high from September at 1.28950, and the 2021 high price from August at 1.29483. The price did extend above the July high at 1.28066, but failed on that break. That level is now resistance.
