January 19, 2022

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USDCAD tests its 100 hour MA and backs off on the first look

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100 hour moving average currently at 1.26747 

The USDCAD has moved higher with the higher dollar today and in the process just tested its 100 hour moving average (blue line) currently at 1.26747. The sellers leaned near the level and have so far been able to hold and push a back down. The price has also moved back below the broken trend line at 1.2660.

100 hour moving average currently at 1.26747 

Watch the 61.8% retracement level at 1.264634 potential intraday support. However a move above the 100 hour moving average would still be the key requirement if the buyers are to take more control from the sellers who have been able to push the price lower over the previous five trading days.
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