...it struggles
The BOC tightened on September 6th, the price tumbled. The high after the initial fall peaked on the hourly chart at 1.22441, before running lower to 1.20612 on September 8th.
Since then, the price action shows a wander higher with lots of ups and downs.
The last two days has seen the price move above and below the 200 hour MA (green line)
Today, the pair based against the 100 hour MA (blue line) and away from the 200 hour MA. The price also moved above 1.2219 which was a high from September 13th. On Friday that high was tested but could not move above (the high reached 1.2217).
Where did the price go on that break today?
Right up to the high corrective price since the BOC hike at 1.2244 (high reached 1.2245) and stalled right there.
So it rallies higher, but stalls. It struggles. It can't keep the momentum going.
Putting it another way, the sellers are not giving up.
What now?
A move back below the 1.2217-198 will be eyed. Get back below those highs and the buyers today, may just give up again.
Now is it all that bearish for the pair?
I have to say that ignore Friday's dip, and the market has seen the 100 hour MA find support against that MA the last 4 times (see blue numbered circles - risk for longs). So there is some redeeming bullishness from the market players.
However, the rallies do have their share of struggles.
Watch 1.2217-198.