The 100 day MA held help all day yesterday
The USDCAD just isn’t proof against the USD transfer decrease right this moment. Like others foreign money pair, the primary transfer was greater for the USD, then decrease within the North American session.
For this pair, the 100 day MA present help all day lengthy yesterday. On the London session low, the value stalled at a pattern line (see inexperienced circle four) and moved to a brand new session excessive. The next fall began to unwind the bullish transfer on breaks under the pattern line, after which the 100 day MA at 1.32291. Extra lately a decrease pattern line on the hourly has been damaged at 1.32183.
The following goal is the 50% of the transfer up from the Feb 1 low. That is available in at 1.32036. Final week, the 50% was just a little decrease and the low stalled proper round that stage. Regardless, a transfer under the 50% can be a step within the bearish path.
Shut dangers for shorts is the underside of the damaged pattern line at 1.32183. A extra conservative threat stage for shorts can be the 100 day MA. Final week, the break under the 100 day MA failed. Is that this week a repeat or the beginning of a extra pronounced moved decrease. That MA can be a barometer for the bulls and bears. Keep under is extra bearish. Transfer above, and the bears failed.