USDCAD moves up and down today. Back up testing moving averages.

Technical Analysis

Author: Greg Michalowski | usdcad

MAs at 1.2567 to 1.2576

The USDCAD has moved up and down and back up again in trading today. The recent move is to the upside where the pair is testing the 200 hour MA at 1.2567 and above that the 100 hour MA at 1.2576. The high price reached 1.25713 - between those MA levels - in the last hourly bar. 

MAs at 1.2567 to 1.2576
On the move back to the upside, the pair moved back above the 38.2% at 1.25387 and a swing area between 1.25408 to 1.25474.  That is a close risk level for buyers now.   Buyers do not want to see a move below. Sellers against the MAs here, want to see that level rebroken. 
Admittedly, there is a lot of ups and downs today AND a lot of ups and downs going all the way back to March 19.  Since March 22, most of the price action has been between 1.25203 and 1.2628. The 100/200 hour MAs sit between that area (there were extremes on either end outside that range, but only briefly).  The low from Friday and early today, tested the low end of that range, but could not break lower.  

Now with the price back toward the MAs, will the sellers lean and keep the pair on the lower end of the range?  

A move above would tilt the bias more to the upside with the 1.26072 area as the next upside target ahead of the 1.26236 to 1.2629 area.  

On the downside, in addition to getting below the 38.2%, the 1.2520 to 1.2527 area is another target area to get to and through ahead of the April 5 low.  
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