Above 100 bar MA on the 4-hour and 38.2% at 1.29328, but below swing high from March 22
As stocks go lower, there is some flows out of the “risk on” currencies (CAD, AUD and NZD).
The USDCAD is trading at new session highs (lower CAD) and in the process has moved above technical levels. The 100 and 200 hour MAs were broken earlier in the day at 1.2892 area (see chart above). More recently, the 100 bar MA on the 4-hour chart and the 38.2% of the move down from the March 19th high has been broken at 1.2932. That is a close risk level.
The high has reached 1.29425. That is just short of the 8 day high at 1.29477. A move above that level would open the door to the 50% of the move down from the March 19th high at 1.2969 level.