Looks toward test of 100 hour MA
The price of USDCAD has reversed it’s earlier gains and is now trading to new session lows. The price at the high today stalled ahead of the high from yesterday. The price fell below a lower trend line, the low for the day at 1.29468, and is tracking toward a test of the 100 hour MA at 1.29309. The 38.2% of the move up from the October 1 low comes in at 1.29225.
ON the 1st of October, the USMCA deal was announced (well over the weekend). The price gapped lower to the low for the month (yellow area in the chart above is the gap). Since then, the price has been climbing. ON Friday – after the US and Canada employment reports – the price dipped to the low of the USMCA gap and bounced. That area will be eyed should there be more downside going forward this week.