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

The Bank of Canada cut rates by 25 basis points yesterday, but despite that cut, the CAD strengthened vs the USD (USDCAD lower).

The move lower in the USDCAD cracked below the 100-hour moving average currently at 1.35136, but could not sustain downside momentum to the 200-hour moving average at 1.34926.

IN trading today, the price action has been up and down in a relatively narrow trading range (only 27 pips). The up and down price action has been above and below the aforementioned 100-hour moving average at 1.35136. Traders seem to be treading water and waiting for the US jobs data tomorrow. That will also release their employment data tomorrow at 8:30 AM ET.

The market has two choices near these moving averages. Yet above the 100 hour moving average and stay above or below the 200 hour margin stay below.

This article was written by Greg Michalowski at www.forexlive.com.