USDCAD falls to the 200 hour MA

The USDCAD earlier today saw the 200 day MA and the 100 hour MA broken helped by the 50BP hike by the BOC and a lower USD.

The break saw increased selling momentum with the price moving down to test the 200 hour MA at 1.2557 currently. The low price reached 1.2555 before bouncing. The bounce took the price up and back above the broken 38.2% of the move up from the April 5 low (the high reached 1.2573), but has since rotated back to retest the 200 hour MA.

A move below that MA would now be eyed for increased downside momentum, with the swing low from Monday at 1.2550 and then the 50% retracement at 1.25387 as targets.