...not running away yet
The USDCAD has traded back below the 200 day MA today. Yesterday, that MA was tested, held and the price rallied.
Today, the price moved below, went lower but recovered and has been trading above and below the MA line over the prior 4 hourly bars.
IN the current hourly bar, the story is a bit different. The high comes in right against that MA line. Are the sellers starting to feel more confident? Could be. It is hard to hide when key tools are holding resistance.
A break to new lows with momentum will be eyed. If so, we are heading toward the lows from the last two weeks at 1.3029 and 1.3017. Other swing lows at 1.3048-54 will be closer targets.