Falls below the 200 and 100 hour MA
Canada is on holiday (Boxing Day) but that did not stop the USDCAD from a technical move.
Looking at the daily chart above, the pair moved lower early in the Asian session, tested the 200 hour MA (green line) and then the 100 hour MA (blue line). In the last hour of trading, the price moved below each (at 1.31486-504) and buyers turned to sellers.
The next downside targets on more selling would target the 1.3114 to 1.3119 area. The low from last week extended down to 1.3102.
Holiday trading can focus the traders attention to technical levels. The breaking of the 2 hourly moving averages seem to have been a catalyst for buyers to turn to sellers in the trading today. Stay below will keep the bears more in control.
