Trades to new session lows
The USDCAD fell below its 200 day MA last week (on Tuesday) and stayed below the level despite up and down activity into the Friday close.
Today, the price moved higher into the European/London session, reached a high price of 1.2623. The 200 day MA is up at 1.26245.
Since then, the price has moved below the 100 hour MA (blue line in the chart above) at 1.25959.
The price has reached a new low for the day in the current bar at 1.2570.
What next?
Sellers are in control below the 100 hour MA at 1.25959 (and the 200 day MA for a longer term risk).
The next targets come in at:
- 1.2557. Trend line
- 1.2551. Low from Friday
- 1.25437. Low from Wednesday
Looking at the daily chart, below, the fall below the 200 day MA is a key level for the bears. The price is also trading around the 61.8% at 1.25812 (and trading below now). A move below the recent targets (see above values) really opens the door toward 1.2500, 1.2450 and the 1.2411-31 area. That area has been a swing area gong back to July 2017 (see yellow area in the chart below).
