USDCAD traders will eye the 100 day MA below, 100 and 200 hour MAs above

Technical Analysis

Author: Greg Michalowski | usdcad

Canada budget to be released at 2000 GMT

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USDCAD trades just below the 100 hour MA
Technically, the USDCAD moved sharply lower earlier in the day and in the process fell below the 100 day MA at 1.3288.  The low stalled around the 61.8% and corrected higher.  What I was not expecting is the move back above the 100 day MA (see earlier post). However, once the price moved above that MA line, and retested, the sellers turned to buyers and we are back near the 100 hour MA.

So the 100 day MA below will be a level that if broken would be more bearish.

ON the topside, cracking above the 100 hour MA and trend line (at 1.3331) would open the door toward the 200 hour MA at 1.33637.  A move back above that MA would likely solicit more buying. The highs yesterday and Friday, stalled well short of that MA line.  
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