USDCAD tumbles to the 200 hour MA on stronger CPI

Technical Analysis

Author: Greg Michalowski | usdcad

Trades back below 100 day MA

The Canada CPI surprised to the upside and that has the USDCAD moving lower. The price fell away from the 100 hour MA and a upside trend line (at 1.3379 area) and has now cracked below the 100 day MA at 1.33546 (close risk for shorts now). The pair tested the 200 hour MA (green line) at 1.33348 AND the 50% retracement of the move up from the June 7 low at the same level. The low reached 1.3336 and is seeing a modest bounce. 

Trades back below 100 day MA
There is a pause ahead of the dual support targets, but the 100 day MA should also keep a lid on the pair (PS the 38.2% is also in play at 1.33576).  

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