Corrects about 50% of the move lower
The USDCAD tumbled lower on the higher than expected CPI.
The price fell below the hundred hour moving average at 1.26517, the 100 day MA at 1.2626, but stalled ahead of the 50% of the move up from the Feb 16 low at 1.2600 and the 200 hour MA at 1.2593.
The price has rebounded toward and now above the 50% of the move down at 1.26557. That is worrisome.
Mike pointed out the 1.2675 and 1.2700 option expires. Watch the 1.2675 to provide some resistance on a test. Traders should lean against the level. A move above would raise eyebrows and could see a full move back toward the 1.2700 level.
It's Friday.
