USDCAD the extend to a new high ,breaks above its 200 hour moving average and then fails

Important Update for RobotFX Visitors

We want to sincerely apologize for any confusion or inconvenience caused by our recent website restructuring.

The main RobotFX hub has officially moved to our new, streamlined address at robotfx.org (without the "www" prefix). While our main operations have shifted, we want to reassure you that this archives site, old.robotfx.org, will remain fully active. You can still access our complete library of past posts, historical trading analysis, and legacy articles right here.

However, for the latest updates, newer content, and a significantly faster, more optimized browsing experience, we highly recommend heading over to our primary home at https://robotfx.org.

Thank you so much for your continued support and patience as we improve our digital services.

Buyers fail on the break of the 100 and 200 hour MA

USDCAD falls back below the 200/100 hour moving average

The USDCAD moved to and through both its 100 hour moving average at 1.3742 and its 200 hour moving average 1.37637. However, the breaks could not be sustained and the price has rotated back below the moving averages.

Earlier today, the price moved above the 100 hour moving average but quickly rotated back to the downside. The move back to the downside stalled near the 61.8% retracement of the October trading range at 1.36836 before rotating back higher.

Now with the moves above both the 100 and 200 hour moving average, and the 2 separate failures, the buyers are not impressing from a technical perspective. They took 2 shots and each missed. The buyers turned to sellers. Stay below the 100 hour moving average will be close resistance now.

Trading analysis offered by Flex EA.
Source