Quick move below 100 hour MA
The USDCAD fell below the 100 hour MA (SEE PRIOR POST) almost instantly at 1.4506 on a way to 1.4485. The quick correction higher took the price to 1.4548. The price is back down testing the 100 hour MA at 1.4506. BREAKING below 1.4506 for 2nd time as I type....and is back up to 1.4506. Market is finding buyers in this area.
The 1.4573 is the midpoint of the move lower. The 1.4577 is the close from yesterday. The line in the sand for shorts (those who sold after the number are short down below that level. I cannot imagine much traded above that level in the first seconds after the release) will be that area. IF the price goes above that level, the shorts - especially those after - will not like it. Trading 1.4540 now.. Volatility.
On the downside, the price moved below the 100 hour MA twice. There has not been a closing hourly bar below the 100 hour MA since the 1st trading day of the year on January 4. The price moved below it today, but there is not a close below that MA yet.
