USDCAD moves back down toward 100/200 hour MAs

Technical Analysis

Author: Greg Michalowski | usdcad

Up and down trading today

The USDCAD is another pair that is mired in an up and down price action today.

Up and down trading today
Looking at the hourly chart above, the Asian session low today stalled ahead of the 200 hour MA (green line) and bounced. The high today stalled somewhat randomly at 1.41169. The last 5-6 hours has seen a wander back to the downside.

The 50% of the week's trading range comes in at 1.40181. The price is trading just above that level I.4027 currently.  Below that comes a key support area defined by the 100 hour moving average at 1.4001 and the 200 hour moving average at 1.3997.  Him

Those moving averages are the close barometer for the bulls/bears.  Stay above is more bullish. On a break below, I would expect stops and more downside probiing.  

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