Technical Analysis

USDCAD finds help close to MAs on dip from day highs

50% held the low at the moment

50% held the low today

Yesterday the USDCAD fell under the 100 hour MA (blue line at 1.32739 at the moment) and proceeded to test off decrease targets into the Asian session.

The 38.2% was damaged at 1.3228The 100 day MA was damaged at 1.3218The 200 hour MA was damaged (inexperienced line)The 50% was a remaining stage at 1.31982These targets have been outlined in my publish yesterday (CLICK HERE). Patrons discovered their candy spot on the 50% stage.  

The rally off the lows did take the worth again above all these ranges and peaked at 1.3256.  

Within the NY session, the worth has now dipped again to the 100 day MA at 1.3218. The extent discovered consumers this time.  Key stage.  Is the sellng over?

Drillng to the 5-minute chart under, the current worth motion over the past hour or so is extra uneven.  That claims to me, that “the market” is having hassle with “Up” or “Down”.  

My hunch is the promoting is over (its a hunch). That the 100 day MA maintain was key, however we now have to spring larger.  Do not go under the 1.1318 stage. 

The 5-minute chart has stalled the fall.

ForexLive


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