The break in the USDCAD failed. Reverses higher to 2024 high. ...Middle East

The price of USDCAD fell below its 100-hour moving average currently at 1.39028 (see earlier post). Last week, the price fell below that moving average line, but reversed back higher. The week before it fell below the 100-hour moving average but also failed on the break. When the market trends you can get those counter-trend moves, but if momentum does not continue in the direction of the breaks, it can lead to snapback moves. Today, after the break below the 100 hour MA, the price fell but when it tested a swing level going back to early August 2024 at 1.3888 (see 4-hour chart below), buyers returned. The price moved back above the 100-hour and sellers gave up. What we know is the price

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