USDCAD corrects decrease as we speak however does discover assist consumers on the 200 day MA. What subsequent?

The USDCAD moved sharply greater yesterday after the Financial institution of Canada rate of interest resolution. The value moved up towards the excessive value of final week at 1.35411, however fell in need of that concentrate on. The next transfer to the draw back as we speak took the worth again down towards its 200 day shifting common at 1.3483. Different shifting averages are available at 1.3472 and 1.34705.

Holding the 200-day shifting common, has given consumers some hope, and the worth has rotated to the upside. What subsequent?

If the consumers are to take extra management, getting about 1.3517, within the excessive from final week at 1.3541 would enhance the bullish bias and after wanting towards the 100-day shifting common at 1.35669 (see chart under).

Conversely I transfer again under the 200-day shifting common would disappoint the consumers, it may result in further draw back momentum if the 200-hour shifting common at 1.3472, and the 100-hour MA at 1.34702 might be damaged. THose breaks would put the sellers within the driver’s seat from a technical perspective.