On the hourly chart, the lows from the past three trading days have consistently found support near the 100-hour moving average. Today, the 100-hour moving average crossed back above the 200-hour moving average — a modesly bullish short-term signal — with both now converging near 1.3855 (the 100-hour at 1.3853 and the 200-hour at 1.3857). The early North American session low touched 1.3854, just above those averages. A break below the moving averages would open the door for a move toward last week's swing lows at 1.3778 (Monday) and 1.3797 (Wednesday).
In short, USDCAD remains locked in a near-term battle. Resistance is firm near 1.3905, while support is reinforced by the clustered moving averages around 1.3855. Although the price is closer to support, a decisive break below the moving averages is still needed to tilt the bias more fully in favor of the sellers.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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