The 100 and 200 hour MA approached

The USDCAD has moved sharply lower after its employment numbers came out stronger than expected.

The price has moved below the 200 day MA at the 1.32087. THe 100 hour MA (blue smooth line) comes in at 1.3181. The 200 hour MA (green smooth line) comes in at 1.3167. Those are support levels to get to and through for the sellers now.

The underside of the broken trend line comes in the chart above comes in at 1.3219 area. The correction higher (helped by hawkish comments from Mester), has pushed the price toward that level (the high came up to 1.3223).

The 38.2-50% of the move down comes in at 1.3228-42. That is the area the if there is a volatility push higher, I would not want to see the price move above. It simply sends the wrong technical signal.