USDCAD tilts back down. Moves away from 100 hour MA


USDCAD falls below and away from the 100 hour MA

The USDCAD moved above the 100 hour MA in the London morning session and stayed above that MA line for the most of the last 8 hours. Yes, there were dips below the level, but the price closed each hourly bar above the MA line currently at 1.2710.  That is until the current bar.

USDCAD falls below and away from the 100 hour MA

The pair has now broken below the MA line, and is seeing more of a retrace of the run higher today.  The pair has just reached a North American low at 1.26854. That is getting closer to the closing level near 1.2677 yesterday. A move below that level and then the 1.2664 level (low from Monday and near lows today), would open up are a retest of the low from yesterday at 1.26292.

Taking a broader look at the daily chart, the high price today moved back into a swing area going back to 2018 (see yellow area between 1.2725 and 1.2742) and found sellers in that area for the 2nd consecutive day. The inability to extend back above that area keeps the sellers more firmly in control.  Conversely, it would take a move above to give the buyers a small level of control (if the price can stay above).  

USDCAD on the daily chart

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