Higher low today
The USDCAD has been trending lower since May 14th. Since May 26th, the price has only had 3 hourly bars where the price closed above that MA (11 total hour the price traded above the MA). The bears have been in control.
The price is currently testing that 100 hour MA at 1.34297 (trading just above as I type). Can the price stay and close above the MA level? Staying above is more bullish and will have traders thinking the low is in place for now, and it is time to probe more to upside.
On the topside the 200 day moving average currently comes in at 1.3464. If the price can get above and stay above that level as well, that would feed more confidence to the buyers
