USDCAD bounces off the 100 day MA today…and again | Forexlive

Yesterday, the USDCAD moved sharply lower despite the fact that oil prices were tumbling to the downside. Below is the post on the pair. Here is the link: https://www.forexlive.com/technical-analysis/oil-is-down-350-but-usdcad-is-lower-by-134-20230104/

What now?

Looking at the hourly chart, the rebound off of the 100 day MA took the price back above the 100/200 hour MAs (blue and green lines on the chart below), that is near the middle of the up and down trading range since the start of the December. Those MAs are near converged at 1.3563. The price is trading at 1.3572, after the dip took the price to 1.35465.

The 100/200 hour MAs are now the close barometer for bullish and bearish. The buyers have the edge now with the price above the MA levels. The sellers did try to wrestle back control but they failed on the last dip. Traders looking for more upside will now want to see that level not only hold, but for the price to move higher and away.