100 hour moving average at 1.23715. 200 hour moving average at 1.23616.
The USDCAD has seen price action move up and back down in trading today. The move to the upside was started after the Asian session low could not extend below its 100 hour moving average at 1.23715 (see blue line in the chart below). The rotation to the upside entered into a swing area between 1.23967 and 1.24089. The high price reached 1.24024 and stalled (that was ahead of the swing high from Friday as well at 1.24069).
The rotation to the downside has taken the price back toward its 100 hour moving average at 1.23715. The 200 hour moving average is below that level at 1.23616. Getting below each is needed to tilt the bias back in favor of the sellers.
Hold support against the moving averages and the buyers remain in control. The 50% of the move down from the October 12 high at 1.23922 along with the swing area between 1.23967 and 1.24089 become the targets to get above are the next major targets.
