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USDCAD retraces the declines from yesterday

USDCAD tests recent swing area

The  USDCAD  has moved back above the 200 and 100 hour MA (joining the party seen in other currency pairs) and has now moved up to test the swing area between 1.2846 to 1.2957 (see red numbered circles). Getting above that area would open the door to the next swing areas including the high from April 28 at 1.2878 and then the highs from Tuesday and Monday at 1.2893 and 1.2913.

Risk is now the 100 hour MA at 1.2826. Move below it, and there may be some disappointment. The 200 hour MA at 1.28067 is the next target below that level. Move below both and all bets are off to the upside (again).

PS helping the bias today is the low from earlier today stalled near the low from Friday at 1.2718. The inability to move more below that target level gave buyers something to lean against (from the buy side). The rest of the story is found in the yields moving higher and the stocks moving lower. That has the USD the strongest of the major  currencies  which is helping the well.

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