Sales will continue in USDCAD
USDCAD sales continue.
Looking at the daily map, couples are now moving beyond the broken trend line of 1.2190. The price has traded to a new low since September 2017 to a low of 1.21753. I would put the risk below 1.2200 at the moment. A more conservative risk would be 1.2455 low from 2018.
Reaching the 5-minute schedule, the pair started the run lower today after testing a 100-hour MA at the top of the day. Vendors relied on this MA level and pushed the pair lower. On the five-minute chart (see chart below), the fall of the 100/200 bar MAs fell below the decline and the price has fallen lower. Moreover, corrective movements within a day have not tested the 100-minute bar on the MA 5-minute schedule for the rest of the day. This MA comes in 1.2204 and moves down. To tilt the short-term bias on a new trading day, you need to go back above that MA.