USDCAD returns to MA cluster

Technical Analysis

Author: Greg Michalowski | usdcad

100/200 hour MA, 100/200 bar MA on the 4-hour chart in play

The USDCAD it extended to a new session high and in the process has returned to the cluster of moving averages including the 100/200 hour MA and the 100/200 bar MA a little higher.  

100/200 hour MA, 100/200 bar MA on the 4-hour chart in play

The 100 hour moving averages at 1.25279. The 200 hour moving average is just above that at 1.25347. The 100/200 bar MAs on the 4-hour chart are at 1.25508.

THe price just moved to test the 200 hour MA at 1.25347. Sellers have leaned on the first look, but the buyers are making the play. 

Recall from yesterday, the price tumbled through that MA cluster. The low for the day reached to - and through - the lows from earlier in the week and last week between 1.2475 and 1.2470. The price tested an old swing low going back to March 19 at 1.24610 and bounced. 

The price action has been up and down since then with today's low between the low from last weekend the low from earlier this week. That hold, give the buyers more confidence to push higher and although the pair waffled, the recent push is keeping the buyers more control. However, given the pair stalled at the 200 hour MA on April 15, April 16 and and April 20, the 200 hour MA is a definite focus for the pair.  

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