USDCAD tests 50% midpoint and backs off

Technical Analysis

Trades around 200 hour MA again

The USDCAD peaked at 1.25474 recently and backed off. That hi was just short of the 50% midpoint of the move down from the March high the March low at the 1.25503 level.  Patient risk focused traders leaned against the level (risk could be defined and limited). 

 

The price has moved back down toward the 200 hour moving average at 1.25167. The price is trading above and below the level currently.  A move back below tilts the intraday bias a little more to the downside once again.    A move below 1.25065 will give the sellers from above and through the 200 hour MA, more comfortable with their sales. 

At the low today, the buyers leaned ahead of its 100 hour moving average (blueline currently at 1.24603). Once again, patient risk focused traders jumped on the opportunity to lean against the level.   

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