January 27, 2023

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USDCAD rebounds to retest its 100 hour moving average

1 min read

The 100 hour moving average comes in at 1.26286

The USDCAD moved lower after the better than expected jobs report, with the price low reaching 1.25816. That took the price in a swing area between 1.2568 and 1.2588.

The 100 hour moving average comes in at 1.26286_

However, sellers could not push lower and after the price started to trade back above its 200 hour moving average at 1.26031 (green line), the pair moved up and through the 100 hour moving average of 1.26286. The high prices reach 1.2636 and has rotated back down below the 100 hour moving average level.  

Going forward today, if the price can move back above the 100 hour moving average and stay above, that should lead to further upside momentum with 1.26527 and the 38.2% retracement at 1.2666 as upside targets. Earlier today, the price try to move above that 38.2% retracement level but quickly failed.

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