Low today stalled ahead of the low from last week
The USDCAD moved lower and away from its 100 hour moving average in the Asian session. In the run down, the price bottomed in the early North American session at 1.31339. That was just above the low from last week at 1.31324. The inability to move below that low has led to a
quick bounce higher.
The subsequent move higher just reached 1.31796. That was just short of its 100 hour moving average at 1.31806. Needless to say move above the 100 hour moving average is needed to give the buyers increase hope that the lows in place at least for now. In fact as I type, the price is extending above at 100 hour moving average.
The next targets come in at the swing areas going back to August 13. They come in at 1.31914, 1.31981 and then 1. 32052. The declining 200 hour moving average comes in at 1.32066 and is another key target to get to and through. Recall from Friday the price did extend above that moving average line only to stall near the 38.2% retracement at 1.32337.
Buyers are making a play. Can they keep the momentum going?