On Friday, the USDCAD moved higher on the back of stronger US jobs report and weaker Canada jobs report. The move took the price away from the 100/200 hour MAs, above a swing area between 1.2712 to 1.2725 and up toward the high from January 28 at 1.27958. The high price reached 1.27875 and stalled into the close.
Today, the price opened lower and could not sustain any upside momentum. The price has drifted lower and has reached a new low in the current hourly bar. That low has reached the now converged 100/200 hour MAs (blue and green lines) at 1.2702 (just above the natural support at 1.2700). If it is time to buy, it would be against those two MAs (with stops on more momentum below the MAs).
Get back above 1.2725 would give the dip buyers more confidence intraday as the markets find their way at the start of the trading week.
