USDCAD retraces gains and moves back to 200 day MA

Technical Analysis

Author: Greg Michalowski | usdcad

Ups and downs in the pair

The USDCAD moved higher earlier and once again tried to move above the 200 hour MA (green line).  Like Tuesday, the break higher failed, and the price has now retreated below both the 2-200 hour MA and the 100 hour MA at 1.31652 (blue line). 

Ups and downs in the pair

The low just moved to the close from yesterday at 1.3150. The 200 day MA is also being tested at 1.3152.  The area is a bias area for the pair. Stay above and the bulls maintain some control. Move below and it is more bearish. 

The ups and downs continue for the pair.  

The good news for bears is the recent highs have seen lower highs. Not so bearish is the low yesterday was higher than Monday's low.  The 100 and 200 hour MA will be eyed for bias clues (although lately the clues have more come from failed breaks of those MAs). 

PS we are seeing a modest bounce back toward the 100 hour MA after the prior day closing level held at 1.3150 (and the 200 day MA held as well). 

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