The 200 hour MA stalled the fall on Monday
The USDCAD started the week by moving lower and testing the 200 hour MA. That MA stalled the fall (green line). The price moved higher off the level.
The high stalled on Tuesday ahead of the swing highs from last week. Today, the bias started to tilt with a move below a trend line and then the 100 hour MA (blue line). The pair also moved below a lower trend line (underside at 1.3338) and is now eyeing the next target at the 200 hour MA (green line) at 1.33184. That is the MA line that stalled the fall on Monday.
So we are back to where we started (well as far as support) and trade between the broken trend line above and the 200 hour MA below. The sellers are making the play and have more control, but that MA needs to be busted.
Fundamentally, recall the BOC last week was more dovish in comments, but the employment report on Friday was very strong. So the pair has two side of the coin to focus on. The pairs price is more in between the range between 1.3253 below and 1.3444 above.
