Moves away from 100 day MA
The USDCAD price tested the 100 day has been trading above and below the 100 day moving average at the 1.2910 level today (see blue horizontal line on the 5 minute chart below).
Looking at the daily chart, the pair has also moved below the 38.2% at the 1.28687. There is other trend line and swing high/swing low levels down to 1.2830/37 area. This area - between 1.2830 and 1.2868 should solicit some profit taking buying (with stops below), but at the same time, the break of the 100 day MA is more bearish. Looking at the daily chart below, the price tested the 100 day moving average yesterday and also during Monday's trade. So if there are support buyers, understand that the 100 day MA (at 1.2910) will likely find sellers (on a test at least).
