100 hour MA above. 200 hour MA below
The USDCAD – like the USDJPY (and other pairs today) – stuck in a narrow trading range. The low to high trading range is 60 pips. That compares unfavorably to the 117 pip average over the last 22 trading days (about a month of trading). There is room to roam. The buyers are making a play.
Technically, the 100 hour MA stalled the rally in the Asian session (at the day’s high). That MA (blue line in the chart above) comes in at 1.35788 (and moving higher). The new high is getting closer to that upside target.
On the downside, the low for the day came in at 1.3511. The rising 200 hour MA comes in at 1.34974 currently. The buyers have been coming in early vs that MA over the last two trading days. It will take a move below that MA to tilt the technical bias more to the downside.
At the current level of 1.3564, the pair is approaching the higher extreme. Buyers are making a play. Can they push through the 200 hour MA? PS the MA is joined by a downward sloping trend line increasing the levels importance for the buyers and sellers. KEY level.