USDCAD retest its 100 hour moving average and finds buyers

Technical Analysis

Author: Greg Michalowski | usdcad

100 hour moving average at 1.26499

The USDCAD has moved back down to retest its 100 hour moving average at 1.26499, and found buyers against day moving average level.  Watch the 1.26748 level for intraday clues. Get above should have traders looking back toward the highs for the day near 1.26936 and 1.26976. That area corresponds with swing highs going back to March 1 (see red numbered circles). The high price today reached 1.26995 but quickly reversed back lower and then use the swing area as resistance.

100 hour moving average at 1.26499_
It would take a move above the 1.2700 level to solicit more buying. Having said that a move below the 100 hour moving average followed by the 200 hour moving average at 1.26315 is needed to increase the bearish bias. The lows in the Asian session found support against the 200 hour moving average.

Buyers and sellers have found in their intraday extremes with the 1.2800 area as resistance and the 100 hour moving average at 1.26499 and 200 hour moving average 1.26315 as support.
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