USDCAD holds above the 200 hour MA

The USDCAD has been waffling up and down post decision and through the press conference as well (Macklem just concluded that presser).

However, from a technical perspective, the pair remains above the 200 hour MA at 1.3404. The 100 hour MA is not too far from that level at 1.33956.

On the topside, the 1.34369 to 1.3441 is a swing area that has a number of levels (see red numbered circles), that need to be broken to increase the buyers control, at least in the short term. There is work to do - like getting above the 38.2% at 1.34595 and the 50% at 1.35024 and the 100 day MA at 1.35125, but for buyers, the need on any move lower is to stay above the hourly MAs.

Macklem said:

  • It is a conditional pause
  • Far to early to talk about cuts.
  • Pause is time to assess the economy
  • The stalling of the economy will not feel good, but we do need this period of no growth