USDCAD stays above the 100 day MA at 1.3544. Stay above is more bullish this week
The USDCAD moved above its 100 day MA last week near mid-week and despite a modest dip below on Thursday, the price spent the rest of the week above that key bullish/bearish barometer. That MA comes in at 1.3544. Also near that level is the 50% midpoint of the move down from the November high. That level comes in at 1.35378. Both those levels will be risk and bias-defining levels for the pair today and this week. Staying above keeps the bias more to the upside (bullish). Moving below tilts the bias more to the downside, and is more bearish.On the topside, the high price from earlier February reached 1.3585. Above that, and traders would look toward the high price from last week at 1.36049 and then the 61.8% retracement at 1.36230 This article was written by Greg Michalowski at www.forexlive.com.
The USDCAD moved above its 100 day MA last week near mid-week and despite a modest dip below on Thursday, the price spent the rest of the week above that key bullish/bearish barometer. That MA comes in at 1.3544. Also near that level is the 50% midpoint of the move down from the November high. That level comes in at 1.35378.
Both those levels will be risk and bias-defining levels for the pair today and this week. Staying above keeps the bias more to the upside (bullish). Moving below tilts the bias more to the downside, and is more bearish.
On the topside, the high price from earlier February reached 1.3585. Above that, and traders would look toward the high price from last week at 1.36049 and then the 61.8% retracement at 1.36230
This article was written by Greg Michalowski at www.forexlive.com.
