Moving toward 100 hour MA and 50% of week's range now
The USDCAD has moved lower and higher this week.
The fall to the low on Wednesday cracked a lower trend line but held the more important 100 day MA.
The move higher based at the 100 hour MA and stalled ahead of the 50% and 200 hour MA (green line) during trading yesterday, but then broke above to test the 61.8% of the move down from the August 15 high at 1.31028. Sellers entered. The price moved below the 50% and the 200 hour MA and that tilted the technical bias back down.
What next?
Well if the trend continues, the 100 hour MA and 50% of the week's trading come in at 1.3045 area. I would expect a stall on a test.
That would put the pair above the 100 hour MA below and below the 200 hour MA above.
On a break of the 100 hour and 50%, the bears (CAD bulls) are taking more control.
