But not totally out of the woods on move higher today
The USDCAD has moved higher in trading today. The CAD joins the NZD and AUD as weakercurrencies today.
Looking at the hourly chart, the rally is not without some selling interest. In particular, the price has stalled not once but twice against the 100 hour MA (blue line). That MA comes in at 1.3200 currently (blue line in the chart below). The price just tested that level and currently trades at 1.3192.
Are the sellers out of the woods on the 2nd successful test?
Not so fast. The 200 hour MA (green line in chart above) comes in at 1.3185. A move below that level would be a signal the selller’s are winning. Even so, the first test saw the 200 hour MA broken but buyers came back in. Nevertheless, a move below (and staying below) is what the sellers against the 100 hour MA want to see.
For the buyers the opposite is the desired hope. In which case, the 100 hour MA will likely be broken with the 61.8% at 1.32108 the next target to get and stay above.