File it away. The USDCADs last rally today stalled at the 100 hour MA, after two failed breaks

Technical Analysis

Trades mid range

File it away. 
  • The 100 hour MA earlier in the day was broken.  The price ran and failed.
  • Later the 100 hour MA was broken and quickly failed.
  • In the NA session, the price moved up to the 100 hour MA and stalled just ahead of the MA line.

The sellers keep control. The buyers had their shot on the breaks. They failed.

The pair trades mid-range between the low (which was more or less at the low from yesterday too)  There is a lower trend line at 1.2983 and further down is the 100 day MA at 1.29605. 

Below is the picture from the daily chart.

The price has not traded below the 100 day MA since April 20th (blue line in the chart below)  Key level.  

Last week, the pair fell and ran below the rising trend line.  That gave the sellers more control.  

However, if the pair has more downside legs in the bearish move, the pair needs to test and get below the 100 day MA (at 1.29606).  I would expect, that on the first test that MA will stall the fall – at least initially. 

ForexLive

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