The USDCAD buyers are looking to take more control. However, they need to get praise back above the 50% midpoint of the move down from the May 8 high, and also above the 100 bar moving average on the 4-hour chart. Both those levels come near 1.3675. Getting above those levels and staying above should lead to more upside momentum.
Earlier today, the price tested the 100-hour moving average and found support buyers. Recall from yesterday the price moved briefly below that level only to bounce back with strong momentum shortly thereafter.
Buyers are trying to take over control. In this video I outline what needs to happen to keep that control and to add to it.
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- Source: https://www.forexlive.com/technical-analysis/usdcad-buyers-looking-to-take-more-control-need-to-get-above-50200-bar-ma-on-4h-chart-20240522/
