Fall today tilts bias back to the downside
Looking at the daily chart of the USDCAD, the last few months has seen the price move above and below the 100 day MA. When the price moved below the MA line (blue line) it tended to extend lower. When the price moves above, it tended to extend higher.
Today, the price moved back below the 100 day MA. Stay below is more bearish.
Drilling to the hourly chart below, the price highs today reestablish resistand against the trend line. The pair traded in a scrunched range between the 100 hour MA (blue line) below, and that trend line above. The break below the MA, was more bearish. On the way down, the price also cracked below the 50% and swing low from yesterday at the 1.3300 area. That too seemed to give the pair another shove.
The price is testing and stalling around the 61.8% at 1.32581 area. That may give cause for pause with a corrective move back toward the 100 day MA. However, look for sellers to keep a lid agaisnt the 100 day MA with stops on a break above.....
