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USDCAD moves further away from 100/200 day MAs

USDCAD cracks back below its 200 day moving average

The USDCAD moved below the 100 and 200 day MAs in the holiday like trading on Monday. The 100 day MA currently comes in at 1.26949. The 200 day moving average comes in at 1.26596. The price yesterday closed at 1.26533 just below the lower 200 day moving average.

In trading today, the price moved back above the 200 day moving average in the Asian session, and worked up to a high at 1.2686. That was still below the 100 day moving average 1.26949, but trading between the moving averages gave a more neutral bias for traders..

The last few hours, however, have seen a rotation back to the downside and back below the 200 day moving average 1.26594. Bearish.

Momentum has taken the price down to a new intraday low of 1.26313.

The 200 day moving average will now be key resistance. Stay below and the bears remain in control from the short and longer term prospective. Move back above and traders will re-target the 100 day moving average (blue line).

Sellers are making a play. Can they keep the bears momentum going? Stay below the 200 hour moving average and more downside probing.

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