Hawkish comments send the USDCAD
Canada FM Morneau is speaking like a hawk and that has sent the USDCAD lower (see comments here).
Looking at the 4-hour chart above, earlier in the day, the pair was up testing a resistance area at 1.2413-20. Swing level (see red circles) and the 200 bar MA on the 4-hour chart stalled the rally.
The fall back down - with the help of the hawkish comments - has moved to another swing area (see blue circles) on the chart between 1.2334 and 1.2341. The price waffled above and below the area last week and again yesterday. A move back below will be more bearish.
Drilling to the hourly chart below, the tested area from the 4-hour chart at 1.2334-41 is also testing the 100 hour MA at 1.23366. Yesterday that MA stalled the fall. It is currently trying to stall the fall again but the bounce is minimal. A break below and there should be more momentum with the 200 hour MA at 1.22819 the next key target.
