USDCAD trades between 100 and 200 hour MA

Technical Analysis

Author: Greg Michalowski | usdcad

Tumble lower stalls at 200 hour MA

The CAD was the strongest currency of the majors at the start of the North American session and continued lower after better than expected GDP. This despite the NAFTA deadline looming (but maybe we have seen those deadlines come and go before).  

The price fall took the pair down to test the 200 hour MA (green line in the chart above) at 1.29626, after cracking the 100 hour MA (blue line ) and trend line at the 1.2988.  The pair currently trades between those levels at 1.2975 looking for the next push.

The currency remains the strongest of the majors (the rise is higher vs the EUR, GBP and NZD), 

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