USDCAD shrugs off the weak manufacturing sales data

Technical Analysis

Author: Greg Michalowski | usdcad

...But USDCAD does hold above 100 hour MA below

The USDCAD spiked higher after the weaker than expected manufacturing sales (-0.7% versus +0.7% estimate and 4th down month in a row) data that saw the price spike up above its 200 hour moving average at 1.3272 and 50% retracement 1.32766.  The high price reached 1.32778 before rotating back to the downside.  

...But USDCAD does hold above 100 hour MA below
The price has moved down to a low of 1.32502. That was just above its 100 hour moving average at 1.32488.  We currently trade at 1.3257. The price may be looking to consolidate between the 100 hour moving average below and the 200 hour moving average.   Look for buyers to support the price at the 100 hour moving average with stops on a break below.

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