Technical Analysis

USDCAD moves above its 100 hour moving average

First move above the 100 hour moving average since May 5

The USDCAD has cracked above its 100 hour moving average 1.21193. That is the first look above that moving average since May 5. The price has moved down from the 100 hour moving average at 1.22912 on that day, to the low price today at 1.20447.  The move back above the 100 hour moving average if it can stick, tilts bias modestly to the upside in the short term. 

The next target comes in between 1.21297 and 1.21323. Those levels represent  highs from Monday’s trade and earlier today 1.21323. The 38.2% retracement of the last move down from the May 4 high comes in at 1.21617. That still represents a minimum price target if the buyers are to start to take more control from the sellers
Invest in yourself. See our forex education hub.

Articles You May Like

EUR/USD Price Analysis: Bullish Doji, Golden cross tease buyers above 1.0700
Jobs report shows increase of 517,000 in January, crushing estimates, as unemployment rate hit 53-year low
Gold tumbles Rs 681; Silver plummets Rs 2,045 amid weak global trends
Spanish rehab center adds crypto trading addiction to services list
Japan data – December total cash earnings rise the most y/y since January 1997

Leave a Reply

Your email address will not be published. Required fields are marked *