USDCAD gets in the dollar selling. Breaks 100/200 hour MAs

Technical Analysis

Author: Greg Michalowski | usdcad

100 and 200 hour MA converged at 1.24889

The USDCAD is getting in the USD selling and trades below the converged 100 and 200 hour MAs. Those MAs held support earlier in the day and the fall below turns the bias back to the bearish side.  The level is now risk.

Over the last hour:
  • The GBPUSD has moved to new highs (and just cracked above trend line resistance at 1.3707)
  • The EURUSD is trading at the highest level and looks toward the 1.1266 level (50% retracement
  • The USDCHF just fell below the January 2 low at 0.9699. The price traded to 0.96897.
  • The AUDUSD has nearly retraced the entire move lower that stalled earlier at the 100 and 200 hour MAs at 0.78467. The price is testing 0.7900. The high for the day stalled at 0.7904 in the Asia-Pacific session.
Meanwhile US stocks are still doing well.  The stocks are loving the stimulus from the lower dollar (for multinationals that is). WIth tax benefits skewed for domestics, why not love US stocks?
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