Looks toward the 100 hour MA target
The USDCAD indeed backed off from the ceiling area at the 1.34386-436 area (see earlier post), and ran back down toward the 100 hour MA (blue line). That is the next target on the downside. A move below would look toward the lower trend line at 1.3383 and then the 38.2% of the move up from the March 20 low. That level is joined by the lows from yesterday.
Risk for shorts looking for the top to hold are still the highs. Stay below keeps the bears in control. If the 100 hour MA is broken, look to lower the stop down with 1.3415 area (give a few pips above) risk.
