USDCAD moved lower and tested the 200-hour MA target on the downside (see earlier post here). Buyers stalled the fall. The price moved back higher.
That move to the upside took the price back to the 100-hour MA (blue line) where sellers are now leaning.
So buyers are leaning against the 200-hour MA on the downside. Sellers are leaning against the 100-hour MA on the topside. Traders will now be looking for the next shove outside that area for the next bias clues as buyers and sellers battle.
USDCAD trades between 100/200 hour ma
This article was originally published by Forexlive.com. Read the original article here.