USDCAD Pushing Lower To The 200 SMA
Usdcad falls back to 200 simple moving average SMA
In the morning video, I mentioned the 200 hour moving average of the USDCAD. We managed to break past that level today, although there was some hesitance at first. But we were able to stay above it for a number of hours.
However, our momentum started to die down as we entered the North American session, and the price has fallen back below the moving average at 1.2851.
The buyers have had their chance, but they missed. Now, the next downside target is the 100 hour MA at 1.28263. If that is broken, it would increase the bearish bias even more. To get the buyers engaged again, it would take a move back above the 200 hour MA. However, it is difficult to fall in love again after being rejected. The buyers have some work to do to win back the market’s affection.
