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USDCAD Corrects Up, Seeks To Test 100-Hour MA | Latest News Headlines

USDCAD Corrects Up, Seeks To Test 100-Hour MA

USDCAD tests its 100-hour moving average

The USDCAD is moving higher in response to the general upward movement of the USD.

Rising yields are contributing to the trend.

  • 2 years 0.955%, +5 basis points
  • 10 years 1.759%, + 5.3 basis points
  • 30 years 2.098%, +5.2 basis points

Technically, the pair also gets a boost in the North American session after price failed on breakouts below its 200-day moving average near the 1.2500 area (the 200-day moving averages at 1.24986). The inability to stay below this longer-term moving average yesterday and today has contributed to disappointing buys from shorts and new buys from falling buyers.

It should also be noted today that the rise in oil prices currently at $ 82.83 is up $ 0.70 on the day and does not help strengthen the CAD.

The upward movement has the price now testing the 100 hour moving average at 1.25559 (blue line – the downward movement is moving downward). The price last fell below the 100-hour moving average last Friday, and after testing that moving average during the day, and again approaching highs on Monday, sellers took control and pushed the price down.

The move from Monday’s high to Thursday’s low was around 245 pips over the four-day period.

Now, with the failure below the 200 day moving average, the pair has corrected to test the 100 hour moving average again. Stay below and sellers may retest the 200 day moving average. Move above and Wednesday’s high at 1.2577, the 38.2% retracement of the move down from last week’s high at 1.2590, and a swing zone between 1 , 2609 and 1.2620 would be the next targets. The 100-day moving average is 1.2621 and the 200-hour moving average is currently down to 1.2632.

For now, however, 100-hour moving averages are blocking the upside.

Eleon Lass

Eleanor - 28 years I have 5 years experience in journalism, and I care about news, celebrity news, technical news, as well as fashion, and was published in many international electronic magazines, and I live in Paris - France, and you can write to me: [email protected]

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