USDCAD falls below 100/200 hour moving averages
The “risk on” sentiment is helping to push the USDCAD lower in early North American trading.
The price has since moved below the 200 hour moving average at 1.37539 and looked toward the swing lows from last week near 1.3701. The low price just reached 1.37135 and bounced back toward 1.3738 currently.
With the price moving below the the hourly moving averages, sellers will now be looking to lean against those levels with close risk now being the 200 hour moving average 1.37539. Stay below that moving average keeps the sellers more in control. A move above would be disappointing.
In addition to the support at 1.3701, the 61.8% retracement of the October trading range at 1.36836 followed by a swing area between 1.3637 and 1.3666 would be the next downside targets.