USDCAD falls below its 100 hour moving average The USDCAD Read this Term see earlier post here ). The current price is trading at 1.2602. The next target comes out the swing area between 1.2588 and 1.25919. Will below those levels and traders would start to look toward the rising 200 hour moving average at 1.2556.
With the price testing the 100 hour moving average yesterday and briefly breaking below the level, traders will now use the same tactic on the break today. Stay below the 100 hour moving average and the sellers are in control. Move back above and we could see a bounce back higher with focus back on the 200 day moving average as the next step.
If For now, close risk at the 100 hour moving average at 1.2611.
The Macklem press conference has just ended. Can the downside momentum continue after his completion?
Macklem said:
If the man responds quickly to higher rates inflationary pressures moderate could be appropriate to pause hikes 13 a closer to neutral
He sees a neutral rate between 2% and 3% and that the Bank of Canada may need to take rates modestly above neutral for a period of time
He did say that the Canadian economy needs higher rates but the economy can economy can handle it
Says that the impact of the Ukraine war on growth is likely to be small
The USDCAD has been influenced by the rate hike perhaps, but also my lower rates in the US and may shift into risk that is lower the USD.
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