USDCAD ticks to a new high and tests the 200 day MA in the process | Forexlive

USDCAD buyers are currently pushing the price higher, with resistance encountered near the 38.2% Fibonacci retracement level of 1.33963, which is just below the 200-day moving average at 1.3400. In the past 4 hours, the lowest trading price reached 1.3381, while the highest was 1.33988. However, selling pressure is emerging, as the price has already dropped to 1.3393.

Yesterday, the price rose above the 200-day moving average, remaining above it for six consecutive hourly bars, with the highest price reaching 1.34193. Sellers eventually pushed the price down towards the close.

Both today and yesterday, the price fluctuated above and below the lower 100-hour moving average (currently out 133.763) during multiple hourly bars (see blue line in the chart above). If the price falls below this moving average going forward, it would signal an increase in bearish sentiment technically.

Breaking above the 200-day moving average would still require overcoming the resistance zone between 1.34055 and 1.34104. If the price drops below this level, the targets would be the 50% Fibonacci retracement level at 1.3426 and the declining 200-hour moving average at 1.34339. Traders should keep an eye on these critical levels to inform their strategies based on market conditions and risk tolerance.