USDCAD retests 100 hour MA and backs off | Forexlive

The USDCAD pushed to a new session high and in the process moved up to retest the 100 hour moving average 1.34681 (blue line in the chart above). The high price reached 1.34662 – within two pips of the target moving average level. Sellers leaned and the price has since moved back down toward the 200 hour moving average at 1.34251. We currently trading 1.3433.

The price action in the pair has been up and down choppy. The price closed yesterday at 1.3421. So it is up around 10 pips on the day. A lot of the London session and into the early North American saw the pair trade above and below the 200 hour moving average (greenline currently at 1.34251). The low price for the day stalled in a swing area between 1.3386 and 1.3400. The 61.8% retracement of the move up from the November 15 low is just below that level I.3385. The low price for the day reached 1.3394.

What next?, Going back below the 200 hour moving average would be a disappointment after the run to new session highs. A move below would have traders looking back toward the 1.3400 level on further downside momentum.

The value the CAD move lower (higher USDCAD) despite the rise in crude oil prices. Crude oil is currently trading at $82.66. That’s up around two dollars on the day from the settlement price yesterday (but off the intraday high at $83.32). The low for the day reached $79.95. There is close support near old highs between $82.35 and $82.66.