Forex

USDCAD falls to the 200 hour MA

USDCAD falls again to the 200 hour MA

The USDCAD earlier in the present day noticed the 200 day MA and the 100 hour MA damaged helped by the 50BP hike by the BOC and a decrease USD.

The break noticed elevated promoting momentum with the worth transferring down to check the 200 hour MA at 1.2557 at the moment. The low value reached 1.2555 earlier than bouncing. The bounce took the worth up and again above the damaged 38.2% of the transfer up from the April 5 low (the excessive reached 1.2573), however has since rotated again to retest the 200 hour MA.

A transfer under that MA would now be eyed for elevated draw back momentum, with the swing low from Monday at 1.2550 after which the 50% retracement at 1.25387 as targets.

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