The USDCAD traders are trying to hold support against its 200 day moving average. That moving average currently comes in at 1.34478. The price has traded above and below that moving average in trading today, but the current hourly bar just held support against the level and bounced. Is that a “tell” for the market’s wishes? Staying above the 200-day moving average of more bullish.
On a break below, the 100-hour moving average comes in at 1.34327. It would take a move below that level to also give sellers more confidence that the price high may be in place.
On the top side, the 50% midpoint of the 2023 range comes in at 1.34766. Moving above that level and staying above that level is needed to increase the bullish bias.
This article was written by Greg Michalowski at www.forexlive.com. Source