The MA stalled the rally yesterday and earlier today. Can the buyers keep the price above the MA level?
The USDCAD has moved back above its 100 hour moving average (blue line) – helped by the USD buying into the London fixing. Yesterday – and again earlier today – the seller leaned near that MA level and moved lower.
The lows both yesterday and today, did move below the swing low from August 24 at 1.25778 but those breaks all ran out of steam. Today, there were 4 hourly bars that move below that low with the lowest low reaching 1.25686. The sellers had their shots. They misfired.
The price moved back above the 100 hour MA is the buyers shot now? Can the price stay above now? If buyers can keep the bias in their favor, the 200 hour moving average at 1.26757 followed by the highs from Friday at 1.2708 area would be targeted.