USDCAD makes it’s way toward the 200 hour MA

Technical Analysis

The 100 hour MA was busted. Now the 200 hour MA targeted

The USDCAD did in fact extend above the 100 hour MA at 1.3067 and has now moved up to test the 200 hour MA at 1.30907.  The high just reached 1.30903 and sellers have leaned on the first look. The price moves back to 1.3086.  

The last time the price was above the 100 and 200 hour MAs was back on October 10 (see earlier post). 

A move above the 200 hour moving average will have traders looking up toward the 1.3116 level. That is the 38.2% retracement of the last trend move down from the October 15 high.

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