Technical Analysis

USDCAD the extend to a new high ,breaks above its 200 hour moving average and then fails

USDCAD falls back below the 200/100 hour moving average

The USDCAD moved to and through both its 100 hour moving average at 1.3742 and its 200 hour moving average 1.37637. However, the breaks could not be sustained and the price has rotated back below the moving averages.

Earlier today, the price moved above the 100 hour moving average but quickly rotated back to the downside. The move back to the downside stalled near the 61.8% retracement of the October trading range at 1.36836 before rotating back higher.

Now with the moves above both the 100 and 200 hour moving average, and the 2 separate failures, the buyers are not impressing from a technical perspective. They took 2 shots and each missed. The buyers turned to sellers. Stay below the 100 hour moving average will be close resistance now.

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