USDCAD tests and backs off from the 100 day MA

Technical Analysis

Author: Greg Michalowski | usdcad

Some slowing of the run higher

The USDCAD pushed higher after the BOC decision and in the process squeezed up to test the 100 day MA at 1.33341 (blue overlay line on the chart below). The high price reached 1.3333 and has backed off. The current price is at 1.3311.

Some slowing of the run higher
The run to the upside took the price above the earlier high for the day and the 61.8% retracement 1.32899. Sellers against the 100 day moving average would like to see the price moved back below that level to take some of the bullishness out of the market

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