USDCAD strikes above 100 hour MA. Can the value keep above the MA and provides the patrons hope

USDCAD fell throughout yesterday’s Asia-Pacific session, breaking under a key swing space between 1.38078 and 1.38499. The preliminary decline reached a low of 1.37808 earlier than rebounding to a session excessive of 1.3845, close to the higher boundary of the beforehand talked about swing zone, which dates again to October and November 2024.

The value subsequently rotated decrease, breaking under the swing space once more and reaching a brand new low of 1.37922 in right now’s early buying and selling. Nevertheless, in the course of the European session, USDCAD rebounded sharply, climbing again above the swing space excessive at 1.38499 and lengthening to a brand new intraday excessive of 1.38609.

Importantly, that transfer additionally pushed the pair above the 100-hour shifting common, presently at 1.38463 (see blue line on the chart). This stage has been a persistent ceiling, with failed break makes an attempt seen on Tuesday, Wednesday, and Thursday—every occurring at successively decrease ranges. In the present day’s break represents one other try by patrons to shift the bias.

For patrons to achieve extra management, they need to first keep value motion above the 100-hour shifting common, after which goal the falling 200-hour shifting common at 1.38828. Notably, the value has not traded above that stage since a quick push on April 9, and earlier than that on April 7. A sustained transfer above each shifting averages would strengthen the bullish case and tilt short-term technical momentum additional in favor of patrons.

This text was written by Emma Wang at www.ubaidahsan.com.



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