Tests 100 hour MA between the trend lines
The USDCAD moved lower earlier in the day, but found support buyers near a lower channel trend line and bounced.
The higher trend in the USD, helped to push the price back through the 100 hour MA (blue line and up to retest a topside channel trend line. Like at the lower line, traders leaned (this time selling), and the price rotated back down.
What now?
The price has moved back to retest the 100 hour MA (blue line) at 1.31528. That MA line stalled the fall yesterday, but gave way on the downside (see break below), and broke back above, on run higher in the NA session today.
Will the MA stall the move back down now?
So far traders are leaning against the level and there is a modest bounce, but on a break, I would guess, the buyers might throw in the towel and expectations the ups and downs will continue.
