USDCAD cracks key support and now running lower

Trend line/100 hour MA broken. 

Trend line/100 hour MA broken. 

The USDCAD tried to hold near support defined by the broken 61.8%, a trend line and the 100 hour MA (blue line), but that cluster of support has given way, and the price has scooted lower.

The pair is testing the 200 hour moving average 1.25711.  The USDCAD broke above its 200 hour moving average for the last time back on March 22 on its way to the high of the move yesterday at 1.2646. That high tested the topside channel trendline of the choppy move higher over the last 4 or so trading days.  

There are some support buyers against the 200 hour moving average for now.  A break below would next target the broken 50% midpoint of the range for the month of March. That level comes in at 1.2550. A swing area between 1.2542 at 1.25474 is also in that area. On the topside it would take a move back above the aforementioned cluster of technical levels to sour the sellers mood on the break.

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