Scoots lower on the break
The USDCAD has broken below the 200 hour MA at 1.42864 (green line in the chart below).
It was the first break below the MA since March 4th when the break was minimal. You have to go back to February 21 to get to a point when the index spent time below the MA. This was outlined in the post earlier today.
The break has led to a scoot lower. The price decline has reached 1.42247 so far. The next target comes in at the 1.41473 to 1.41629 area.
Risk for shorts is now the broken 200 hour moving average. Stay below keeps the sellers happy from a technical perspective.
