Technical Analysis

USDCAD waffles above 200 hour MA today

Trades between 38.2% and the 200 hour MA

The USDCAD is waffling between its 200 hour MA below at 1.3400 and the 38.2% of the move down fro the July 20 above at 1.34330.  The price high today reached 1.34352. The low for the day reached 1.3404.  We currently trade between the levels at 1.3424 and awaiting the next shove.

Yesterday, the pair moved above the 100 hour moving average - with not much problem – but had some anxiety around the 200 hour moving average (green line).  The buyers won that battle and the price squeezed up toward the 50% retracement of the move down from the July 20 high at 1.34647. The high price stalled at 1.34588 ahead of that level. 

Since then the pair has been waffling in choppy up and down trading. However that troublesome 200 hour moving average has been a pretty solid support level. Staying above gives the buyers some comfort for more upside probing. However a move back below should see that confidence the road, with the 100 hour moving average at 1.3382 the next target.

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