June 7, 2023

USDCAD bounces and looks back toward the 100 hour MA


USDCAD on the hourly chart

The USDCAD is down on the day, but off the lows as well as dollar selling has led to dollar buying over the last few hours.

In pairs like the EURUSD and the GBPUSD, they stalled at MA levels (for the EURUSD it was the 100/200 hour MAs and for the GBPUSD it was the 100 day MA).

For the USDCAD, yesterday the price bottomed near 1.2666 before racing higher. That was the level that stalled the fall today (see green numbered circles).

The price has risen off that low toward the 100 hour moving average 1.27316. Although the price has traded above that moving average on a number of occasions over the last five or six trading days, the momentum as the tide ahead of its 200 hour moving average (green line).

If the pair is going higher, getting above the 100 hour moving average (and staying above) is still an important technical barometer that needs to be broken. If done, the traders will look toward the 38.2% retracement 1.27506 followed by the 200 hour moving average 1.27701. Absent breaks, the sellers remain in control.

To watch the 100 hour moving average in the new trading day for technical clues

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