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USDCAD tests and backs off from the 100 day MA

October 28, 2020 by admin 0 Comments

Some slowing of the run higher

The USDCAD pushed higher after the BOC decision and in the process squeezed up to test the 100 day MA at 1.33341 (blue overlay line on the chart below). The high price reached 1.3333 and has backed off. The current price is at 1.3311.

The run to the upside took the price above the earlier high for the day and the 61.8% retracement 1.32899. Sellers against the 100 day moving average would like to see the price moved back below that level to take some of the bullishness out of the market

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This article was originally published by Forexlive.com. Read the original article here.