Wandering lower with more of a bearish bias
The USDCAD traded above and below the trend line yesterday, but ultimately wandered lower into the close.
Today, the pair wandered below the 100 hour MA (blue line in the chart above) and in the London morning session rallied up to retest the line. The sellers stalled the rally, and we are seeing a rotation lower.
The 200 hour MA is at 1.2796 below. The swing low from October 27 comes in at 1.2798. If the more bearish bias continues, that low and MA becomes the next targets on the downside to get to and through. If so, the October 26th low at 1.2775 and the 38.2% of the move up from October 19th low at 1.2738 will be the next targets.
On the topside, the 100 hour MA is now a ceiling at 1.28558 (blue line). Drilling to the 5-minute chart below, the 100 and 200 bar MA come sin at 1.2837 and 1.2840 respectively. The price fell below the 100 bar MA with momentum in the North American session. I would look for sellers to keep a lid on any rallies against that MA level.
