100 day MA at 1.2484
The USDCAD is trading back near highs for the day reached in the early Asian trading.
Recall from Friday, the USDCAD moved sharply to the downside after the stronger than expected Canada jobs report and the weaker/mixed US jobs report. The fall took the price below both its 200 day moving average and 100 day moving average currently at 1.25098 at 1.24841 respectively .
The price is currently back testing the 100 day moving average 1.24840. The price in the Asian session tested that level as well, but rotated to a new swing low going back to July 30, 2021 when the price bottom at 1.2422. That low equaled the July 14 low as well.
The question now becomes "Can the sellers leaned against the 100 day moving average and keep the sellers in firm control?".
Stay below is more bearish. Move above and traders will look toward the swing low from September 3 at 1.24925, the 1.2500 level and the broken 200 day moving average 1.25098. Those levels would be the progression to the upside if the the buyers are to take back control.
Absent that and the sellers are in charge.
