Move to the downside is accelerating
The USDCAD is trending lower and that move is accelerating to the downside in the North American session. Along the way, the price has moved below the 100 hour moving average at 1.4066, and the 200 hour moving average 1.4040. The 50% at 1.40194 was another level broken. That is a risk level for shorts now. Stay below is more bearish.
More recently the price has moved below the 61.8% retracement of the move up from last week's trading at 1.3991.
Although sharply lower, the pair has the low from last Tuesday (and other swing levels in the 1.39645 to 1.39719 area) as a target area. That area may give some cause for pause. On a break, it opens up the downside for a retest (ultimately) of the low from last Monday at 1.3899.
