100 hour MA at 1.2660
The USDCAD has push to a new session low but only has a 48 pip trading range today (versus a 93 pip average over the last 22 trading days).
Nevertheless the move lower has taken the price back below its 100 hour moving average at 1.2660 after holding that level earlier today.
The high price today stalled against the swing area between 1.26938 and 1.27059. The high price reached 1.26943 before moving back to the downside in choppy up and down trading. There is a another swing area between 1.2638 and 1.26527 the price has entered. Move below and the 200 hour moving average 1.26104 will be the next target.
I can’t say that the pair has a strong bias one way or the other. It is more to the downside below the 100 hour moving average, but the price is not running higher or lower.
If the selling can keep a lid on the pair (I would give it to 1.2666 for intraday traders). The 200 hour moving average at 1.26104 would be the next major target on the downside.
Last week, the buyers took their shots with the move above 1.27059 on Wednesday and again on Thursday. However each of those breaks failed.