USDCAD falls below 200 hour MA. Trend line and swing lows from last week targeted

Technical Analysis

Author: Greg Michalowski | usdcad

USDCAD making a step to the downside

The USDCAD has cracked below its 200 hour MA at 1.35578 level. That is the first break below the MA since June 11. The 200 hour MA is now risk.  Stay below keeps the sellers in control.

USDCAD making a step to the downside
On the downside, the pair is testing a lower trend line at 1.3539 (moving below that line as I type).  the next targets would be swing lows starting with the low from June 12 at 1.3526. The low from June 18 at 1.3520. The low from June 17 at 1.3511 and the low from June 16 at 1.35039. That is near the 50% retracement of the move up from the June 10 low at 1.34998.

So there are a lot of little targets to get to and through. This is as a result of the up and down trading that is occurred over the last 4 or so trading days.  

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