USDCAD bounces higher to test a key barometer at the 100 hourly moving average

USDCAD has been climbing higher over the past few hours after testing yesterday’s low and a downward swing zone up to 1.3494. The inability to expand with downward momentum gave buyers the opportunity to put a toe in the water near the floor space. The last few hours have seen the price increase. Oil prices may have contributed to the performance, as they have given up their initial gains and are now back below the $90 level.

The rising price has now caused the price to test this falling 100 hour moving average at 1.35473. This moving average will be the next barometer for buyers and sellers. Move above and we should see further bullish momentum. Stay below (there should be sellers against the level with a stop above) and a downward rotation may be re-established.

The good news for buyers is that floor space has maintained support yesterday and today. However, short-term momentum has definitely been controlled by sellers (aided by rising oil prices), and the falling 100-hour moving average is now in the way.

USDCAD Soars to Test the 100 Hourly MA


Back to top button