Sellers push the price below the MA, but….
The USDCAD saw sellers take more control today after failing to extend above a ceiling area between 1.32288 and 1.32438. That area has been home to at least 9 separate swing highs going back to August 17 (see red numbered circles). Sellers once again took back control after the 3 attempts late yesterday and into today (see red numbered circles 7, 8 and 9).
The fall to the downside has now taken the price back below its 200 and 100 hour moving averages at 1.32015 and 1.31948 respectively. Sellers pushed further.
The low price just extended to 1.3176. That was just above the high of a swing area between 1.31673 and 1.31731. The bounce off that low took the price back between those moving average levels only to stall.
Sellers are trying to make a play and keep control. However, getting below the lower swing area is still needed to have a chance of testing the double bottom near the 1.3132 level. The low from last week reach 1.31324. The low from yesterday reached 1.31339. Close enough for a double bottom..
What would would spoil that story?