USDCAD stalled at the 200 hour MA for the 2nd cosecutive day
The USDCAD has traded up and down today. The initial moved to the upside found sellers right against its 200 hour moving average (green line currently at 1.33422 and moving lower).
That successful test was the 2nd to trading days. Recall that on Monday the price fell below its 200 hour moving average. On Tuesday the moving average was tested in the early Asian session and held. Today, the moving average did its job once again. The price moved lower.
That moved to the downside is now taken the price below recent swing low area between 1.3267 and 1.32709. Stay below that area keeps the bears more in control and will have traders targeting the August 6 and August 5 lows from last week at 1.3243 and 1.32329 respectively.
A move back above the 1.32709 could see a snapback rally toward the 1.32959 level. That is the 61.8% retracement of the range since August 5 low.
The trade of the day was up at that 200 hour moving average. Sellers against that level are winning on the trend like move back to the downside. Now, the recent break of the swing area is trying to keep that run going. However sledding tends to get harder near extreme levels. Be aware