Moves above the 100 hour MA can’t reach trend line target
The USDCAD – like other pairs today – is trading up and down. The runs higher (in Asian and NY/London session), stalled after breaking the 100 hour MA at 1.31649 (currently). Those rallies fell short of a topside trend line on the hourly chart (see below). The buyers had their shot at taking the pair back higher. They failed. Shorts take control.
The lows today are now part of a lower trend line (at 1.3137 now). We are trading just above that trend line now. ON a move below that line, the pair will target the 200 hour MA at 1.31215. Get and stay below that line will be more bearish for the pair.
For now though, the buyers and sellers battle it out between the trend lines and the MA lines as well.