USDCAD stays below 100 hour MA and trades below trend line

Technical Analysis

Author: Greg Michalowski | usdcad

Making a break away from the 100 hour MA


Is the USDCAD making a break away from the 100 hour MA for good now.

Looking at  the 5 minute chart above, the pair has 4 or so pushes below the 100 hour MA in the NY session on the chart. Each one has been reversed. This is the 5th break. Will it be the last?  

We are testing the NY session low at 1.28909. Get below it, and the next step will be taken in the pair.  

PS Looking at the hourly chart below, the price has also moved below the lower trend line. Stay below would be more bearish too. 




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