Completes the up and down lap in trading today. Trades at new session lows. White House to make announcement at 11 AM ET.
The CAD is getting a bid on the hopes that a complete NAFTA deal is around the corner now that US and Mexico seem to be in agreement.
The price of the USDCAD earlier today perhaps did not believe the hope and moved above the 100 hour MA (blue line). The 200 hour MA did stall the rise however (green line).
The last few hours have seen an acceleration of the fall and in the process, the pair has moved below the Asian session low (completing the up and down lap in the pair today).
The August 9 low is being tested now at 1.2999 (call it 1.3000). The key 100 day MA is at 1.2989. That MA stallled the fall on August 3, 6 and again last week. Key level. A move below is more bearish for the pair and would next target the earlier August lows at 1.2961 and 1.2965.
The White House says Trump to make an announcement on trade at 11 AM ET.
