1.3160 is the following hurdle if the low is in place
The USDCAD tumbled yesterday, however discovered help consumers on the 200 day MA.
It’s powerful to select a backside, however the USDCAD is testing the 200 daay MA and 61.eight% within the 1.3113-18 space. Maintain can be good for a bounce. Break and stops triggered.
On a bounce the 1.31599 can be eyed (swing low from December). The low from earlier this 12 months reached 1.3179.
The worth moved as much as the 1.3160 degree yesterday off the bounce after which moved again down as we speak to check the 200 day MA for the second time. The worth bounced to 1.3164 (the excessive for the day thus far (see hourly chart under).
Now the value is pushing again towards the 1.3160 degree once more (swing low from December). The consumers have one other probability to push increased now that there have been two exams of the important thing 200 day MA.
What do I need to see?
A transfer above the 1.3160 degree can be the first step. Above that the 38.2% of the transfer down from the Tuesday excessive this week is available in at 1.3181. Above that and the KEY 100 day MA looms at 1.31966. These are the degrees to get by way of, IF the low is in place.
What do longs NOT need to see within the brief time period?
Trying on the 5 minute chart, the ups and downs has seen the value commerce above and under the 100 and 200 bar MA (at 1.3137-44 respectively). A development line connnecting lows is available in at 1.31305. A transfer under every of these ranges will weaken the concept “the low is in place”.