Buyers give up

The USDCAD moved higher on the flash crash at the start of the day today, but then started to take back the gains. In the process technical support levels were broken, increasing the bearish bias.

  • 100 hour MA was broken and stayed broken at 1.36217
  • The 100 hour MA and trend line were more recently broken in the NA session at 1.35919. Both of those levels were at the same level.
  • The swing lows (floor) from Dec 24 at 1.35637-693 was the next hurdle.

The price fall is now approaching the 1.3500 area (1.34966-1.35065 is a swing area). That area might attract some buying.

On a rebound, the old floor at the 1.3563-69 will be eyed.

There has not been any news. It seems to be a technical fall (or at least that is what I see).