100 hour MA at 1.4112 and 200 hour MA at 1.42438
The USDCAD trades between the 100 and 200 hour MAs. The 100 hour MA is down at 1.41125. The 200 hour MA is up at 1.42438. The price today did move above and start the NA session above the 200 hour MA but could not extend toward the next targets at the 50% at 1.42935 and old trend line near that level.
On the downside, there is a dividing swing area between 1.4132 and 1.41639 (see yellow area in the chart above).
Admittedly, the price traded above and below that area in trading yesterday (and on Monday) , but there are a number of points in that area (see red circles). The low today tested the low extreme of that area. A break below the level will target the aforementioned 100 hour moving average at 1.41125. A break below the 100 hour moving average opens up the door for further downside momentum.
