MAs Continue to Support USD/CAD - Forex News by FX Leaders
The pullback down is complete on the H4 chart

MAs Continue to Support USD/CAD

Posted Tuesday, September 24, 2019 by
Skerdian Meta • 1 min read

Yesterday we decided to go long on USD/CAD on the European session as this pair was retracing lower, after the small jump in the Asian session. We were trading the H1 chart on this pair, although the H4 time-frame has a bigger say and the picture above shows that.

In this time-frame, we see that a number of moving averages have been keeping this pair afloat throughout last week, providing support on pullbacks. The 100 SMA (red) in particular has been a strong indicator, having reversed the declines a few times in the previous weeks.

A couple of hours ago, we saw this pair make another bearish move. That didn’t come from Crude Oil because Oil is slipping lower, so it came from the USD side of the pair, as the USD fell through an air pocket. But, the moving averages provided support once again, so we’re safe for now. Besides that, the stochastic indicator is oversold now and it’s reversing higher, so this might be the beginning of another move higher from these moving averages, let’s see.


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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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