USDCAD tests 200 hour MA at 1.3270. Barometer for buyers and sellers.

The USDCAD is down testing the 200 are moving average of 1.3270.

Looking at the hourly chart, the USDCAD pair last moved below that moving average on Tuesday of last week, but momentum stalled and the price rotated back to the upside.

On Friday before the US and Canadian jobs reports, the price tested the 50% midpoint of the move down from the May 26 high at 1.33848, and rotated lower. The combination US and Canada jobs reports sent the pair sharply lower on Friday. That sent the price below the 100-hour moving average (blue line), but support buyers leaned against the 200-hour moving average (green line).

In trading today, the price has traded above and below the higher 100-hour moving average, but did stay below a swing area above between 1.3312 and 1.3322 (see red numbered circles on the chart above). That area is now resistance. Stay below keeps the sellers in play.

So far the 200-hour moving average is holding support. Getting back above the 100-hour moving average is now the short-term target.

This article was written by Greg Michalowski at Source