Moves away from the 200 hour MA AT 1.30688
The USDCAD has moved down to trade at the lowest level since November 11.
The move to new lows is not running at a sprint, but technically, there is a rotation lower and in the process has shifted below the 200 hour MA (green line) at 1.30688 and the 50% retracement at 1.30497 as well. The price low reached 1.30399. The current price is trading above and below the 50% level (but below the 200 hour MA).
Those moves tilts the bias more to the downside. If the price can stay below the 200 hour MA, the seller remain in control.
Of note for the bearish bias is at the highs on Monday, Tuesday and again today, the price stayed below the a swing high area between 1.31157 and 1.31235 (see red numbered circles). That inability to move higher, was the catalyst at the start at least, for the sellers. If you can’t go higher, you go lower. The fall back below the 200 hour MA, is simply a continuation of that story.