USDCAD falls toward 100/200 hour MAs

Technical Analysis

Author: Greg Michalowski | usdcad

New session lows for USDCAD

The USDCAD is trading to a new session low for the day and in the process, has cracked below the 100 day MA at 1.3292 and now looks to test the 100 hour MA at 1.32752. Below that the 200 hour MA comes in at 1.3266. The 50% of the week's trading range is at 1.32610.

New session lows for USDCAD
For the week, the low was reached on Tuesday at 1.31839. The high was reached at 1.33381 yesterday. That fell short of the August high from August 7 at 1.33437 by about 5 pips and set the stage for the move lower. 

The price last Friday closes at 1.3220 area.  At 1.3284 currently, we are higher and we are above the aforementioned 100 and 200 hour moving averages.  

The not so bullish technicals for the week is that the price rise failed to extend above the August time AND the price is back below the 100 day moving average at 1.3292 and the 200 day moving average at 1.33028.  
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