USDCAD touches 100 day MA and bounces

Technical Analysis

Author: Greg Michalowski | usdcad

100 day MA at 1.3199 (call it 1.3200) in the USDCAD

The price of USDCAD moved down and in the process fell below a swing area at hte 1.32076-118 area.  That fall then targeted the 100 day MA and the natural support level at 1.3199 -1.3200.  The low reached 1.31994 and bounced.  For buyers that is now the risk for the pair.  Move below and I would expects stops being triggered.

100 day MA at 1.3199 (call it 1.3200) in the USDCAD 
In the meantime, the price is currently back up testing the swing area. Above that area (yellow area) and traders will target the 200 hour MA at 1.32224 and the 100 hour MA at 1.32388.  

I have to give the buyers the benefit of the doubt and with it the control on the holding of the 100 day MA.  However, it is with a close eye.  Move below the 100 day MA and all bets are off.  

On the topside, getting above the 200 hour MA (and staying above) would help to ease some concerns as well.  

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