Technical Analysis


A little lower on the day but rebounds off lows

The USDCAD is trading a little lower on the day. The price closed at 1.3172. The current price is trading around 1.3162 currently.  The price just reached 1.3173 (right around the close). 

Above sits the 100 and 200 hour MAs. At the high today, the price stalled a few pips short of the 100 hour MA.  The MAs come in at 1.31765 and 1.31852 currently. Between them is the 38.2% retracement at 1.31803.  

The sellers today could not really muster much downside momentum. The price area at 1.3107-13 is a key floor. The low could only reach 1.3135. 

So is it the buyers turn to give it a go again?  Well, what would put them more in control would be a move above the 200 and 100 hour MAs.

ForexLive



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