USDCAD waffles above and below the 100 hour MA today. Traders await await the next shove.

The Bank of Canada cut interest rates by 25 basis points yesterday, but despite the cut, the Canadian dollar rose against the US dollar (USDCAD lower).

The USD/CAD pair fell below the 100-hour moving average at 1.35136, but was unable to maintain the downside momentum to the 200-hour moving average at 1.34926.

In today’s trading, the price action was bullish and bearish in a relatively tight trading range (only 27 pips). The price action was bullish and bearish above and below the above mentioned 100-hour moving average at 1.35136. It seems that traders are sitting still and waiting for tomorrow’s US jobs data. The US jobs data will also be released tomorrow at 8:30 AM ET.

The market has two options near these moving averages. Either it is above the 100-hour moving average or it remains above or below the 200-hour margin.

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