USDCAD falls to a new low

The USDCAD has moved to a new session low, and in the process is moving further away from its 200 hour moving average at 1.33502.

The price has traded above and below that moving average in trading today. However the 50% of the move up from the cycle low from November 14 at 1.33598 has been able to stall the rallies on two separate occasions. The last few hours of trading have been able to stay below the 200 hour moving average given the sellers the go-ahead to push to new lows.

In the process, the pair has moved below the 61.8% retracement of the same move higher at 1.3328. That might be a close risk level for some intraday traders. Otherwise the 200 hour moving average will now be eyed as a risk and bias defining level. Stay below is more bearish.

On the downside watch the 1.3300 area is the next target. Below that the rising 100 day moving average cuts across at 1.32644. Back in November, that moving average was breached on two separate days, but momentum to the downside was limited and the price rebounded higher on each break fairly quickly.