The 100 hour MA will be a lower level to eye for bulls and bears through Trump speech
The USDCAD ran to the highest level since mid-October today (above 1.32387) and although the price moved above a topside trend line, the price could only get about half way to the next key target at the 200 day MA at 1.32746. The high for the day reached 1.3257.
The falll from the high, took the price back below that mid -October level at 1.32387 and more downside momentum took the price toward support targets defined by a swing area at 1.3207-11 and the rising 100 hour MA at 1.32059. The last two tests of the 100 hour MA found buyers against the level. As a result, the level is more important.
The price low could only get to 1.3216 on the first run lower. However, the area (from 1.32059 to 1.3211) remains a key barometer through the Trump speech today. If you like the USDCAD, stay above. If you don't love the USDCAD, look for a break below to confirm the top is in place.