Technical Analysis

USDCAD ran nevertheless it was a sprinter…not a miler

Can the 200 day MA hold the bullish race alive

The USDCAD broke above a pattern line after which the 100 hour MA for the primary instances since Jan 25 (see earlier publish). The bullish gun went off and the race was on.USDCAD races higher but runs out of steam.

The value moved from the 100 hour MA at 1.31277 to a excessive of 1.3153 – simply above the 38.2%. Nonetheless, the runner appears to be a sprinterm and never a distance miler, because the market drained and the worth is again down testing the 100 hour MA (and getting nearer to the 200 day MA at 1.31267 and 1.31195 respectively). Strikes under will bitter the patrons temper on the failed break.

The query is will the race proceed with one other lap larger now?  If that’s the case, this space wants to carry with momentum beginning once more towards the 38.2% and the swing highs from final week (at 1.31569 and 1.31646).  We are going to see if there may be any extra gasoline within the patrons tanks. 

ForexLive


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