100 day MA at 1.32601. 200 day MA at 1.33012
The USDCAD is in the midst of another up and down trading day. Earlier, the pair ran up to test the 200 day MA at 1.33012.
The move higher ran out of steam against that MA and also recent highs that extended up to 1.33094.
The falll took the price back down about 40 or so pips to the 100 day MA at 1.32601. The low reached 1.32617. The fall stalled.
The USDCAD has had it's share of ups and downs of late. The 1.3232-34 area is home to a number of swing levels on the downside. The 1.32986 to 1.33094 is home to a number of swing levels on the topside. Between are the 100 and 200 day MAs.
The trading winners have been those that have patiently sold highs. On the downside, since forming a bottom at 1.3232 area, the highs have been higher over the last 3 trading days. A move below the 100 day MA might test that pattern. That seems to be attracting buyers on the lows here today (look for stops if there is a break). However, on a break below the 100 day MA, there should be some stops triggered with the 200 hour MA as the next target followed by that older swing area at 1.3232-34.
