The USDCAD has moved lower after BOC Macklem’s more hawkish comments.
Technically the price moved below its 200-hour moving average at 1.3662. And now approaches the 38.2% retracement of the move up from the September 19 low at 1.3629 and more importantly the 100-hour moving average at 1.36152.
Earlier this week, the price based near its 50% midpoint of the move up from the September 19 low at 1.35813 (see chart below). Looking at the 4-hour chart below, the price also based at week lows, against the 200 bar moving average (see greenline on the chart below).
Going forward, keep that moving average and 50% retracement in mind on further selling (into next week). A break below it would increase the bearish bias. Staying above it on a test would also be a “tell” for buyers and sellers.
For now, sellers are making play below its 200-hour moving average at 1.3662.
This article was written by Greg Michalowski at www.forexlive.com. Source