The 38.2% of the March mov e higher
The USDCAD has moved lower today being helped by the overall USD selling. The price decline was able to break below a trend line and the lows from yesterday at 1.4423 area. That got the ball rolling to the downside.
The selling continued to break the 100 hour MA (blue line), but stalled the fall near the 38.2% at 1.41546. The low price reached 1.41477 before bouncing.
The bounce in the USDCAD has reached up to retest the 100 hour moving average at 1.42904. However, apart from a failed spike up to 1.43468, the price has stalled around that MA level. Traders are waiting for the next shove (one way or the other).
The bounce off the low has been helped by crude oil falling back down after an earlier rally saw the price reach $27.89. The price is now trading at session lows at $23.21. That is down $2 or -7.97% on the day.
