100 hour MA at 1.2568
With the price of oil moving back to the upside, the USDCAD has moved lower. The pair is testing/breaking below the 100 hour MA at 1.25681. The price has also moved below a lower trend line on the hourly chart below (at 1.25734 currently). The next target is the midpoint of the move down from the March 5 high (midpoint of the month's trading range). A swing area comes between 1.2542 to 1.25474.
Traders will now want to see the price stay below the trend line and 100 hour MA to keep the bias moving in the downward direction.
