50%, 100 hour MA, 200 hour MA between 1.26845 and 1.27022
The USDCAD has been falling in sympathy with the USD fall and has reached a cluster of support defined by the:
- 200 hour moving average at 1.22022
- 100 hour moving average 1.26876
- 50% retracement of the move up from last week's low at 1.26845
The low price reached 1.26953 and bounced modestly.
Risk focused traders may look to lean against the area. The low price from yesterday also move toward the 100 hour moving average only to find support buyers near the level. If the price moved below the 100 hour moving average and 50% retracement, however, I would expect more downside momentum.
