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Forex technical analysis: USDCAD trades above and below the 100 day MA
The USDCAD is modestly lower on the day as traders prepare for the Non-OPEC members meeting this weekend. Crude oil prices are up about $0.69 or 1.36%. That may be contributing to a new low (going back to October 10th). In the process, the price has moved below the 100 day MA at the 1.31925. Looking at the hourly chart, the overlay of the 100 day MA shows that the 1st half of the day traded above the line. The 2nd half has traded below. That puts the sellers in control of the bias currently. Stay below and there should be some further selling. On the downside, the 50% of the move up from the August low comes in at ... (full story)