Technical Analysis

USDCAD strikes towards the low for the day/100 hour MA

The 100 hour MA was damaged however with warning

The USDCAD moved above the 100 hour MA (blue line on chart beneath) on Friday and stayed above.  Right this moment that vary was prolonged, helped by decrease oil (value fell to $50.43) and a few threat off flows, however the features within the pair have been restricted (excessive reached 1.32908).  The value has simply moved again towards the sooner Asian low at 1.3253. The low simply reached 1.3252. Crude oil is again to unchanged at $51.59.  Shares are off low ranges as properly.

The vary for the day remains to be very slim at 44 pips (the 22 day common is 82 pips).  So there’s room to roam.  On the draw back, nonetheless, the 100 hour MA at 1.32431 ought to give sellers a trigger for pause. The rise above was the primary since January third.  

In fact oil and shares might have a say in that degree with a calendar that doesn’t have something on it.   A transfer off larger, targets the 1.33215 excessive from January eighth. Above that the 200 hour MA at 1.3347 (and shifting decrease) can be upside targets.  

Drilling to the 5-minute chart beneath, the worth has moved beneath the 100 and 200 bar MAs (at present at 1.3272-73). A transfer above these MAs would shift the bias extra bullish intraday. The query is “Does the hourly help trump the intraday bearish tilt?”


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