Forex technical analysis: USDCAD tries to stay above the 100 day MA

Technical Analysis

Author: Greg Michalowski | usdcad

So far, so good

The USDCAD has been having a tough time staying above the 100 day MA on Monday and Tuesday. There were a few looks above the MA line (currently at 1.26191) and each time, the price momentum quickly failed. 

Today, the price in the Asian session gave up on the upside, fell below the 100 hour MA and trend line with some momentum but failed to make a run through Monday's lows.  

The higher CPI sent the pair racing higher and above the 100 day MA at 1.26191. The corrective move lower off the day highs stalled right around that MA line (the low reached 1.2616).  

So the buyers are trying to keep the bull in charge above that key 100 day MA. That is the key barometer for the bulls and bears today.  

Stay above and the Friday swing high off the Canada employment report will be targeted. The old trend line is near that level too at 1.2683.  Move below the 100 day MA and the old lower trend line and 100 hour MA will be eyed. 


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