USDCAD falls to new session lows.
The USDCAD is trading to new lows as the dollar loses value. In the process, the price has fallen below the low from Friday (post the stronger CAD jobs report) at 1.3388. Yesterday the price fell below the 100 hour MA (blue line) Today at the day's high, sellers came in early against that level. That has helped to keep more pressure to the downside.
The bias tilts a little more to the downside on those moves. The next target comes in at the 200 hour MA at 1.33503. That MA was broken to the upside back on March 1 at 1.3180. The price trended up to a high last week at 1.34667 on both Thursday and Friday. That started the tilt lower.
Watch for sellers against the 1.33885 area now (give a few pips). Stay below keeps the sellers happy and a move toward the 200 hour MA becomes more likely. Move above and the sellers looking for more momentum, may become discouraged.
Sellers are trying to build the case for more downside. Can that bearish case come to fruition?
