USDCAD rebounds as European traders’ exit. Above 100 hour MA now.

The USDCAD is lower on the day, and in the process, fell below the 100-hour moving average in the early European session (blue line in the chart above currently at 1.37356).

The subsequent fall to 1.3707 (reached in the morning North American session) so the price fall below the swing high from Wednesday and from the Asian session yesterday between 1.3709 and 1.3712 (see red number circles).

The price has since rebounded over the last few hours as European traders head for the exit. The price is back up testing – now moving above – the 100-hour moving average at 1.37356. The price is also entering back into a swing area between 1.3734 and 1.37458.

What next?

Getting above 1.37458 would have traders thinking toward the 200-hour moving average and 50% midpoint of the November trading range at 1.37634. That level although broken yesterday and again earlier today, remains a key hurdle. If the buyers are to take more control, they need to get above and stay above those of specific technical tool levels.