Up and down day, but lower.
The USDCAD has been trading up and down in trading today. The price is lower but the price action has not been too trendy (see 5-minute chart below). In fact, the price action is kinda ugly.
The low reached in the NY session did go down to test the 100 hour MA and that led to a quick bounce from 1.3371 to just short of the 1.1400 level. That move did get above the 100 and 200 bar MA on the 5-minute chart, but not for long.
The price moved back below those MAs and used them to lean against. Sellers making a play?
More recently, the price moved below the Asian low at 1.33857. The price is trying to stay below that level too. Sellers making another play?
Risk is the 100 and 200 bar MAs above. Stay below and then get below the 100 hour MA at 1.33752 should give sellers more confidence. Time will tell if the recent price action are clues from sellers they want more....
