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If buyers are to take more control, they still need to get above 100 hour MA though
The USDCAD fell below the floor from the hourly chart at 1.2266 today. However, momentum to the downside could not go very far. The low price reached to 1.22508. That was just above the low from 2918 at 1.22445. Sellers had their shot. They failed.
All is not lost – just yet at least.
The 100 hour MA remains above at 1.22884. The price moved above that MA yesterday and again earlier today (after a dip back below in the Asian session). If the buyers are to make a serious run higher, the price needs to push back above that MA level, stay above, and ultimately make it’s way above the 200 hour MA at 1.2343 level (and moving lower).
For now, sellers failed. Stay above 1.2266 keeps the buyers in play, but work needs to be done via a move back above the 100 hour MA and 200 hour MA, if more control is to be taken from the sellers.