The 200 hour MA stalled the earlier day fall
The USDCAD has moved back below the 100 hour MA at 1.36185 level (blue line in the chart below). That is the 2nd push below that MA line today. The first fall took the price down to the 200 hour MA (green line at 1.35761 currently) and bounced. The high today, stalled just below the Monday high and near the highs from last week (at 1.36636). Crude oil prices have rebounded and are in the black currently. That is helping to strengthen the CAD a bit too.
The trend for the pair has been to the upside. However the consolidation at the high over the last 4 trading days has allowed the 100 hour MA to catch up. Moving and staying below that MA now, could lead to more corrective action with the 200 hour MA the next key target to get to and through. Doing so would increase the sellers confidence and have traders looking toward 1.3500.
