Bias shifts below the 100 day MA
The USDCAD has moved back below the 100 day MA after closing above the MA on Friday for the 1st time since May 2020. In November 2020, the price traded above that MA on 3 consecutive days, but could not close above that MA level.
Having the price close above the 100 day MA for only one day is a concern for the technicians. It will take a move back above the MA to appease that “failed break” concern. Absent that, and the sellers will hold control.
On the downside, the price has moved below a swing area at the 1.23837 level (see hourly chart below). Below that level, and traders will look toward 1.23509 and the broken 38.2% at 1.23401 (that is the 38.2% of range for 2021 – January high to the June 1 low).