A close below the 100 day MA is elusive.
The Bank of Canada kept rates unchanged but boosted growth prospects. That has the USDCAD moving higher. The USDCAD has moved below its 100 day MA now at 1.32828 level. Looking at the daily chart, the price has fallen below the 100 day MA on 4 separate days going back to the end of February. This is the 5th breach and is showing the most promise for more downside. Closing below is more bearish today. So risk for traders will be centered around that MA level now.
ON the downside, the pair is testing the 50% of the move up from the end of January low. That comes in at 1.3250. A move below that will target the next key target at the 200 day MA. That comes in at 1.3216.
So sellers are taking more control. Stay below the 100 day MA is more bearish, but there remains key targets to get through to keep the momentum going.