USDCAD price falls back lower on the failed break
The USDCAD traded to a new high going back to August 4th. That is the good news. The not so good new is the high from today at 1.34194 took out the highs from the last week or so from 1.34174 to 1.34179 by only a pip or two. So much for a new high break.
The price has moved down and fell to a new day low at 1.3357. That was short of the next target area between 1.3345 to 1.33531.
Even that dip has found buyers as the price is not up near 1.3379. That is the 100 hour MA.
Let's face it....over the last 5 plus days MOST of the price action is between 1.3345 and 1.34194 (74 pips). Admittedly, there was an extension to 1.33238 on Thursday of last week. but only 4 hourly bars have traded below the 1.3345 level. The market is non trending, and waiting for the next shove. Getting outside the 1.3345 to 1.34194 area is the goal. In between sits the 100 hour MA which may give some bias clues (currently at 1.3379) .