USDCAD tries below the 100 hour MA again

Technical Analysis

Author: Greg Michalowski | usdcad

Recent dips below have not gone very far

The USDCAD is trying to extend below the 100 hour MA at 1.30542. Recall yesterday, the price felll below for two separate hourly bars, but recovered back above each time. Back on January 8, the price also traded above and below that moving average line only to stall and reverse higher.   

Recent dips below have not gone very far
Can the price stay below now?

That is what traders will be eyeing. The 38.2% retracement 1.30477 is the next target to get below. Moved below, and the low from Friday and yesterday bottomed at 1.30283 and 1.30302. That is near the 50% retracement as well and would be a key target for patient dip buyers and sellers. Move below that area and there should be more downside probing. Hold support, and the dip buying pattern remains intact.  

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