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Forex technical analysis: USDCAD tests yesterday's corrective low and bounces

Discussion in 'Technical Analysis' started by ForexLive, Aug 3, 2016.

  1. ForexLive

    ForexLive Forum Member

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    100 bar MA on 4-hour chart should be support The USDCAD has seen an up and down day in trading today. The pair moved higher in the Asia-Pacific session and early London session, but ran into sellers near the 200 hour moving average at the 1.31417 level The high price extended to 1.31466 today. The move lower has retraced nearly 50% of the move up from yesterday's low. That level comes in 1.30755. The low just extended to 1.30795 which also corresponds with a corrective low from yesterday's trading. The 100 bar MA on the 4-hour chart is below that level at 1.3071. This MA has been acting as a barometer for bullish/bearish over the last few trading days (see red arrows in the chart above). As I type we are already seeing a bounce up toward the 100 hour MA (blue line in the chart above at the 1.3107). A move above that level should give buyers more reasons to be bullish from a technical perspective.

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