USDCAD tests 100 and 200 hour MA. Stalls.

Technical Analysis

The low today stalled near recent swing low levels

The USDCAD bottomed today near the reacent lows from July 5 and 8 and the July low from July 4th (between 1.30366 and 1.30493).  The low today reached 1.30475. 

The rebound, helped by the USD strength on the back of better data, has taken the pair back to the 100 and 200 hour MAs. Those MAs are near converged at 1.30916-934.  THe high reached 

1.30906. Sellers leaned against the MA. I would expect stops on a break above. 

The pair has been moving up and down with 1.3139-44 as athe ceiling since June 26, and 1.3036-49 as support.  The MAs sit near the middle of that range and can be a barometer for more bullish of more bearish. 

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