Next target? 38.2% of the move up from the September low
The USDCAD fell below its 200 bar MA on the 4-hour chart late Friday and has remained below that level in trading today. The MA currently comes in at 1.33883. We trade at 1.3345. The high for the day reached 1.33876 at the start of the day today.
The price last week, stalled near the prior week's highs near 1.3663. The price fell below a trend line, then the 100 bar MA on the 4-hour chart (blue line currently at 1.34981), and a swing level at 1.24159-22 (yellow area).
What next?
The next downside target on the chart above, comes in at the 38.2% of the move up from the September low. That comes in at 1.33268. A swing low from December is a at 1.33215. That area is a target on the downside today.
Taking a broader look at the daily chart, the price has moved below a trend line at 1.3348. That tilts the bias more down technically as well. Stay below is close risk for sellers.
