Forex technical analysis: USDCAD bounces off MA support.

Discussion in 'Technical Analysis' started by ForexLive, Jan 19, 2016.

  1. ForexLive

    ForexLive Forum Member

    Sep 2, 2015
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    Moves back toward unchanged but The USDCAD in earlier trading today was supported by a short covering in the commodity currencies after the China GDP got out of the way. Iran came out later and reminded the market that new supply was in the pipeline for oil. The EIA said today that the market may "drown in oil in 2016". That fundamental news along with the a very nice technical bounce off the 100 hour MA (blue line in the chart below), was enough to get the pair off the lows and moving back toward the close from yesterday. That level comes in at 1.4554. The high extended to 1.4539.

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