SMA cross injuring USD/CAD

The bearish offensive in USD/CAD has resulted in a cross of the 50-period below the 200-period SMA.

The signal emerged on 4-hour charts further deteriorating the near-term USD/CAD price structure. While conservative sellers will wait for a close below recent support as a confirmation of a forthcoming lower low, more aggressive participants will expect a re-test of the crossover level to prove benevolent for continued downside.