The USDCAD has been moving lower over the last 5 or so hours and in the process, the pair has moved away form the 100 hour MA (blue line). The buyers had their shot extending back above that MA yesterday, but could not extend back above the 50% of the move up from the June low. Today, the highs in the European and early North American sessions also extended above the MA but without momentum.
The bottom gave out, and the buyers turned to sellers.
The price is now back down and retesting the low from yesterday at 1.3591. Move below and the pair is in the bottom extreme area that bottomed in June 16 at 1.3539> The low from June 17 was at 1.3554,. Hold support, and the bias remains lower but getting back above 1.3617 would have traders looking back to the 100 hour MA for yet another test.
For now, sellers in control
