USDCAD breaks back below 200 day MA

Technical Analysis

Author: Greg Michalowski | usdcad

The 50% is also being broken on the hourly chart

The price of the USDCAD has continued the run to the downside after the earlier breach of its 100 hour MA at 1.26682 (currently).  That run, has now seen the price break the 200 day moving average at 1.26215, AND the 50% retracement of the range from last week's low at 1.26144. There was not much in the way of support against the key levels.  As a result, the dip buyers are quickly selling (better safe than sorry. The level should have provided support).

The 50% is also being broken on the hourly chart

The swing high from July 8 at 1.2590 and the 200 hour moving average at 1.25792 are the next target if the 200 day moving average can remain broken.  

The EIA data showed a build in inventories (was expecting a drawdown), but after a dip lower, the price of crude oil has moved back to the upside.  The September contract is currently at $69.67. That's up 3.66% on the day.  

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