USDCAD trades above and below its 200 day moving out at 1.34806.

The USDCAD has moved higher this weekend in the process extending above its 200 bar moving average on the 4-hour chart at 1.34187, and then the 38.2% retracement of the move down from the November 2023 high.

The price also broke above its 200-day moving out at 1.34806 and moved to a high for the day at 1.3500. However, buyers could not extend above that natural resistance level. The last three bars on the 4-hour chart have seen the price move above and below that moving average level. The low price extended to 1.3457.

The current price is trading below the 200-day moving average at 1.3471 tilting the intraday bias a little more to the downside. Getting below the broken 38.2% retracement at 1.34523 would be needed to increase the bearish bias and give sellers more confidence.

Conversely, moving back above the 200-day moving average and staying above that moving average would have traders looking toward the 1.35000-the day followed by a swing area going back to and of November early December at 1.3517 ahead of the 50% midpoint of the will down from the November high at 1.35374.

This article was written by Greg Michalowski at Source