Technical Analysis

USDCADs crack beneath the 200 day MA was solely good for a day. Uh oh….

Again above the 200 day MA  

On Friday, the USDCAD fell beneath the 200 day MA (inexperienced line at 1.3118) after holding on Wednesday and Thursday.  The pair closed beneath that key MA for the primary time since October third, 2018.  PS. the fal beneath the 200 day MA was additionally a fall beneath the 61.eight% of the transfer up from the October 2018 low (on the identical degree).

Back above the 200 day MA  

The worth moved again above that MA within the final hour or so (see hourly chart beneath), and it places into query the break.  A someday break shouldn’t be what the bearish physician ordered. In truth, it may well flip the beat round for the pair.  

It nonetheless is the first step for patrons.  They will now lean towards the 200 day MA as a danger defining degree. Keep above is extra bullish.

What would give patrons extra confidence, is that if the worth can get above the 38.2% of the transfer down from final week’s highs at 1.31503. A even bettter barometer for the bulls, can be a break above the 100 hour MA at 1.31619 (blue line on the chart beneath).  The worth cracked beneath that MA on January 25th and stayed beneath since that point (with a check on the highs final week).   

The price  of the USDCAD has key resistance at the 100 hour MA now.

ForexLive


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