Falls back below the 100 hour MA
The USDCAD tried life above it’s 100 hour MA (blue line in the chart below), but could not extend to the topside trend line at 1.2952. The price moved below that MA line in the NY session, and buyers turned to seller.
The price decline has moved to test the close from Friday around the 1.2910 level. The 1.2898 area has been a swing low area and another downside target. Below that the pair bottomed last week at 1.2883 – twice. Key level.
With the failure above the 100 hour MA, I would expect that MA to now be resistance.
NAFTA is still in the air with US officials pressing Canada to make a deal or risk not being part of the group. Canada wants assurances that there will not be tariffs on autos, and the US does not like the dairy tariffs.