USDCAD hits MA targets and bounces. Now what?
100 day MA and 100 bar MA on 4-hour tested.
As per an earlier post, sellers took the price below the 200 hour MA at 1.3099. That turned the bias more to the bearish side. The targets at the 100 day MA, 100 bar MA on 4-hour and the 50% retracement of the move up from the October 24 low. All that came in the 1.3068-72 area. That area held and the price bounced.
The price bounce has taken the price up from 1.3070 to 1.30833. A modest bounce so far. The 38.2% of the move down comes in at 1.30863. Buyers from near the key support (and buyers overall) will want to see the price move above that level. That is the minimal to get above to stop the bears from being fully in control. Above that, and the 50% of the day's range will be targeted at 1.30913.