100 day moving average at 1.31774
The USDCAD Fed has been trading above and below its 100 day moving average this week.
On Monday the price moved above the MA for the first time since December 11. On Tuesday after extending to the highest level since December 11 (to 1.32051), momentum faded, and the pair fell back below the MA line.
The fall to the downside took the price to the 100 hour moving average (currently at 1.31615). After trading above and below its lower 100 hour moving average, the pair based in the early European session against that hour moving average and started to rotate back higher.
The last 3 hours or so have seen the price trade above and below the 100 day moving average once again. The current bar is trying to put some room between the moving average line and the price.
Admittedly the moving averages -both the 100 day moving average and 100 hour moving average - have been stall areas as opposed to bounce points. However moving away from the 100 day moving average higher, gives the buyers more control as long as the price can stay above.
On the topside the next target comes in against the swing highs from this week. On Monday the highs stalled just ahead of the 1.32000 level at 1.31989. And yesterday the high extended above that natural resistance lever up to 1.32051.
