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The USDCAD moved beneath the 100 and 200 day MAs within the vacation like buying and selling on Monday. The 100 day MA at the moment is available in at 1.26949. The 200 day shifting common is available in at 1.26596. The value yesterday closed at 1.26533 slightly below the decrease 200 day shifting common.
In buying and selling as we speak, the value moved again above the 200 day shifting common within the Asian session, and labored as much as a excessive at 1.2686. That was nonetheless beneath the 100 day shifting common 1.26949, however buying and selling between the shifting averages gave a extra impartial bias for merchants..
The previous few hours, nonetheless, have seen a rotation again to the draw back and again beneath the 200 day shifting common 1.26594. Bearish.
Momentum has taken the value right down to a brand new intraday low of 1.26313.
The 200 day shifting common will now be key resistance. Keep beneath and the bears stay in management from the brief and long term potential. Transfer again above and merchants will re-target the 100 day shifting common (blue line).
Sellers are making a play. Can they maintain the bears momentum going? Keep beneath the 200 hour shifting common and extra draw back probing.
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