The USDCAD is seeing a move higher.
Looking at the hourly chart, the price has move back toward its falling 100 hour moving average 1.28622. The high price just reached 1.28543 before rotating back to the downside and what is been volatile price action. The 100 hour moving average would need to be broken and stay broken to give the buyers more control. Absent that and the sellers are still more in control.
The price early in the day fell back below the swing lows going back to June 28, last Friday and again Tuesday between 1.2815 and 1.28214.
The low price today reached 1.27943.
The sellers had their shot? Can the buyers get the price back above the 100 hour moving average (blue line) and then the 200 hour moving average (green line) currently at 1.28834?
Yesterday the price move briefly above the 200 hour moving average only to fall back down on the chair Powell presser comments. The price is not closed above the 200 hour moving average since July 14.
A report from OPEC+ that they may increase supply slightly in September has seen a run lower in oil which is helping to weaken the CAD (higher USDCAD). The current price is trading at $97.49. The low price reached $97.21. The earlier high extended up to $99.83 (see 5 minute chart below)
