Support at the 200 hour MA  stalled the fall

The USDCAD is trading to a new session high and has retraced fully the fall from the early Asian session high. 

The fall to the day's lows today did find support buyers near the rising 200 hour MA. There were no fewer of 6 hourly bars that stalled near the MA line today.  The current bar has seen the sellers turn to buyers and push the price to a new high for the day at 1.27633 (so far). The Asian session high reached 1.2756.

Drilling to the 5 minutes chart below, the rise this hour was a straight-line higher of about 38 pips. The price is currently correcting off of the high at 1.27633 with the 38.2% retracement of the run higher at 1.27488. The 50% is at 1.27443. If the price can remain above those levels, the buyers would still hold the intraday control.  Look for buyers to lean against the area with stops on a break below.

USDCAD on the 5 minutes chart

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