The USDCAD is moving lower in trading today – following the fortunes of the other commodity currencies (AUD and NZD). Oil prices which can give a boost to the CAD, is up a touch. Gold is also higher.
USDCAD falls below the 200 hour MA (green line). Now risk for sellers/shorts.
Technically, the price for the USDCAD has broken back below the 200 hour MA (green line in the chart above) in the last hour of trading at the 1.12408 (risk now for shorts – look for sellers on rallies toward this level today for clues to the sellers strength). The pair has not closed an hourly bar below the MA since October 9th. The pair is currently testing the trend line support. A break will next look toward the low from Friday at the 1.1223 and then the 61.8% of the move up from the October 9th low.
Action can be choppy in this pair so be aware. Shorts would want to see the price stay below the 200 hour MA.
The BOC is expected to keep rates unchanged when they announce their interest rate decision tomorrow at 10 AM ET.
