USDCAD falls back below the 200 hour MA. Bulls/buyers are jilted after the break higher.

I spoke about the 200 hour MA of the USDCAD USD/CAD The USD/CAD is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Canadian dollar of Canada (symbol $ code CAD). The pair’s exchange rate indicates how many Canadian dollars are needed in order to purchase one US dollar. For example, when the USD/CAD is trading at 1.3500, it means 1 US dollar is equivalent to 1.35 Canadian dollars. The US dollar (USD) is the world’s most traded currency, whilst the Canadian dollar (CAD) is the world’s seventh The USD/CAD is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Canadian dollar of Canada (symbol $ code CAD). The pair’s exchange rate indicates how many Canadian dollars are needed in order to purchase one US dollar. For example, when the USD/CAD is trading at 1.3500, it means 1 US dollar is equivalent to 1.35 Canadian dollars. The US dollar (USD) is the world’s most traded currency, whilst the Canadian dollar (CAD) is the world’s seventh Read this Term in the morning video. We broke above the level today with some trepidation, but was able to stay above for a number of hourly bars.

However, momentum started to fade coming into the North American session and the price has moved back below the MA level at 1.2851.

The buyers had their shot(s). They missed.

What now?

The 100 hour MA is below at 1.28263. That is the next downside target that if broken would increase the bearish bias more.

It would now take another move back above the 200 hour MA to get the buyers engaged, but it is hard to fall in love again when you were jilted. The buyers have some work to be done to win back the affection of the market.