A downward trend line stalls the rally today. Back below the 100 and 200 hour MA
The USDCAD is now in day 10 of trading between the 1.3303 above and the 1.3231 floor below (see two yellow areas above and below).
The last floor test (see green circle 9) saw the price do it’s thing higher. The price moved above the 100 and 200 hour MAs yesterday. The high price however, stalled at a topside trend line not just once (red circle 3) but twice (red circle 4). HMMMM. Sellers were leaning at lower highs.
The price has moved back below the 100 and 200 hour MAs (blue and green MA lines at 1.3259 and 1.32638). Stay below is bearish. PS the intraday high stalled at the 200 hour MA. The price is also below the 100 day MA at 1.3253 now (it has been trading above and below that MA over the last 4 or so hours).
On the downside, the 38.2% at 1.3242 and then the 1.3221-24 solid floor are the targets.
The buyers had their shot and stalled at technical levels above. So the sellers are making the play. Stay below those MAs though and get below the solid floor below.