First look above since December 9, but has trouble staying above....
The USDCAD has spiked higher and in the process has moved above the 200 hour MA after weak retail sales. That MA comes in at 1.3166. The high price reached up to 1.31804. The high for the week came in at 1.31852 (on Monday). The high from Tuesday reached 1.31843 - just below that Monday high).
The price has returned back to the 200 hour MA area after the spike higher. There are some stall near that area but we are now trading back below. That level will be barometer for the bulls and bears.
If the selling continues, the lower swng area (yellow area), broken trend line and 100 hour MA are target support.
The buyers must be a little disappointed in not being able to stay above that 200 hour MA (trading lower at 1.31578 now). That muddies the water and puts us back between the 100 and 200 hour MA area.
As the year comes to a close, the markets may have a lack of conviction as a result of liquidity conditions. That has the potential to have more choppy market conditions. Be aware.
