200 days at MA 1.25326
USDCAD moved up yesterday to test its falling 200-hour moving average (green line). The sellers relied on this level and in doing so kept the sellers under control. The price eventually fell below the recent low swings, to 1.2568.
Today, it took a few more steps, falling below its 200-day moving average of 1.25326. In the bars of the last three hours, prices have tried to move above this key level, but sellers have returned and pushed the price down.
As long as the price can be below this 200-day moving average, sellers have a lot of control.
The downside was that the price dropped to test the swing range from 1.2487 to 1.25004. The low price has so far reached 1.2492.
This area needs to be broken to increase bear prejudice.
Looking at the daily chart below, the higher movement of USDCAD moved above the 200-day moving average in July, failed, but moved back in August.
Now that the price is below the moving average of this key, sellers will definitely do better control. The 1.2422 level has been low since July. The 100-day moving average of 1.23789 is also a new target as the price may fall below the 200-day moving average and increase bearish momentum.