USDCAD tries life below 100 hour MA (again)

Technical Analysis

Author: Greg Michalowski | usdcad

On Monday and Tuesday, the price dipped below the 100 hour MA, but selling could not be sustained

The USDCAD is trying life below the 100 hour MA....again.

On Monday and Tuesday, the price dipped below the 100 hour MA, but selling could not be sustained
On Monday and again yesterday, the price fell below the MA line but momentum could not be sustained. Earlier today, the price stalled a few pips below the 100 hour MA, but it wasn't unil the last hour or so of trading that the price selling intensified.   Helping the selling was the inability to extend above a ceiling area over the last 4 trading days at 1.30747 to 1.30789. The highs today stalled in that area (see yellow area). 

What now?

The same decision tree remains for traders.  Stay below the 100 hour MA and sellers are more in control.  Move above and the technical waters are muddy...again.  

On the downside, the 50% retracement and rising 200 hour MAs are the next downside targets at 1.30277 to 1.30302.  

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