USDCAD retraces it's CPI gains

Technical Analysis

Author: Greg Michalowski | audusd

Fall below the 100 day MA spoils the buyers party

The US dollar love affair in the USDCAD, turned disastrous after the price fell back below the 100 day MA way up at 1.26185. 

The lovers of the USD, turned their attention to the CAD instead and force the price all the way down to whence it all began (at the 1.2568 level).  The price is now consolidating just above that level and trying to trade below the 100 hour MA at 1.25878 (the 100 bar MA on the 5 minute is also at the level).

PS the price just broke to new session lows- below the 1.2568 level. It is hard to keep up with the price action. 


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