100 day moving average at 1.24801 is now broken
The USDCAD has continued the run to the downside by breaking below its 100 day moving average at 1.24801. Earlier today, the price will below its 200 day moving average at 1.25117. A lower channel trendline cuts across at 1.24635. That's the next target.
Looking at the daily chart below, the price is also low the 50% midpoint of the move up from the June low to the August high. That level comes in at 1.24772.
Traders will now watch the 100 day moving average as close resistance. Stay below is more bearish.
