Technical Analysis

USDCAD staying beneath the 200 bar MA on the Four-hour chart

Subsequent goal?  38.2% of the transfer up from the September low

The USDCAD fell beneath its 200 bar MA on the Four-hour chart late Friday and has remained beneath that degree in buying and selling as we speak. The MA at the moment is available in at 1.33883. We commerce at 1.3345.  The excessive for the day reached 1.33876 in the beginning of the day as we speak.

The value final week, stalled close to the prior week’s highs close to 1.3663. The value fell beneath a pattern line, then the 100 bar MA on the Four-hour chart (blue line at the moment at 1.34981), and a swing degree at 1.24159-22 (yellow space).

What subsequent?

The subsequent draw back goal on the chart above, is available in on the 38.2% of the transfer up from the September low. That is available in at 1.33268. A swing low from December is a at 1.33215. That space is a goal on the draw back as we speak. 

Taking a broader have a look at the day by day chart, the value has moved beneath a pattern line at 1.3348. That tilts the bias extra down as effectively. 

ForexLive


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