Selling continues in the USDCAD
The USDCAD selling continues.
Looking at the daily chart, the pairs is now moving further away from the broken trend line at 1.2190. The price has traded to a new low going back to September 2017 to a low at 1.21753. I would peg risk under 1.2200 now. More conservative risk would be the 1.2455 low from 2018.
Drilling to the 5 minute chart, the pair today started the run lower after testing the 100 hour MA at the highs for the day. The sellers leaned against that MA level and pushed the pair lower. The fall below the converged 100/200 bar MAs on the 5 minute chart (see chart below), added to the bearishness, and the price has trended lower. Moreover, the corrective moves intradayhas not really tested the 100 bar MA on the 5-minute chart for the rest of the day. That MA comes in at 1.2204 and moving lower. It will take a move above that MA to tilt the short term bias back to the upside in the new trading day.