USDCAD retests the 100 hour MA

The USDCAD has - like other pairs - seen up and down price action today.

The lows for the day stalled near the 200 hour MA (green line) currently at 1.35858. The price bounced off that area and rotated back above the 100 hour MA.

After extending to a high of 1.3628, the price has rotated back to the 100 hour MA at 1.36045. That MA line will be the short term barometer for the buyers and sellers. Stay above, and the buyers are more in control. Move below, and the price action is more neutral with the price between the 100 and 200 hour MAs.

The Bank of Canada is meeting this week and the expectations are for the BOC to be true to their word and keep rates "conditionally paused" at 4.5%.

That should be supportive - all things equal - for the USDCAD. Technically, that would require staying above the 100 and 200 hour MAs. Move below and the short term bias shifts more to the downside and would have traders looking toward 1.3553 to 1.35597.

Stay above those MAs, and the highs from last few weeks up to 1.36649 would be targeted. Move above that high and the door opens to the upside.