The 100 hour MA will be a barometer in the new trading day
The USDCAD experienced some volatility when the CPI and manufacturing sales data was released. The price spike back above the 200 hour MA (green line), but the downward trend was continued and in the late NY morning, the price fell below the 100 hour MA (blue line) an has stayed below that MA since the break.
The last two hourly bars has gone up and tested that MA line - helped by falling oil prices - but found sellers against the level. I would expect that the MA will be the closest barometer for bulls and bears. Stay below keeps the sellers in control. Move above and the sellers may give up on the downside potential (at least for the time being).
ON more downside momentum, the 1.3020-24 area has seen a number of swing lows (see blue circle). There is a lower low at 1.30169 but buyers have been showing up early against that level. I would expect those buyers to show up again with stops below the low.
