Forex technical analysis: USDCAD falls below 100 hour MA

Falls despite oils decline

The USDCAD has fallen below the 100 hour MA at the 1.31483 level. This despite the price of oil falling once again today.

Although the piercing of the level is the first since last Friday's Employment cost index tumble, there remains other support levels to contend with, including trendline support at 1.3119 and a series of highs and lows at the 1.3102 and the 1.3108 area (see chart above).