USDCAD: Here we are again

This time getting a close below the 200 hour MA

The USDCAD has been ping ponging and lo an behold the high off the FOMC volatility did send the price back up to the topside yellow area (4th test).

We are back down in the lower yellow extreme area that has confined the pair over the last 6 trading day. The difference this time is that the price is below and closed a bar below the 200 hour MA. Are sellers ready to break out of the ping-pong range? Maybe. (actually yes.... The pair is below the 1.31279 level now). The next target comes in at the 1.3084 level (38.2% retracement level.