USDCAD falls below 200 hour MA. Now can it stay below?

Technical Analysis

Author: Greg Michalowski | usdcad

The MA stalled the fall on prior lows

The USDCAD has fallen below its 200 hour moving average at 1.31576. Earlier today, that moving average was tested on a a few occasions only to find support buyers. The break now makes the MA a close risk level for traders.  Stay below is more bearish.

The MA stalled the fall on prior lows
On the downside there are targets including a upward sloping trendline at 1.3142, a swing area between 1.3134 and 1.3139, and the 50% retracement of the move up in September at 1.31263.  Move below those levels and the low from September 10 at 1.3118 will be eyed. 

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