USD/CAD bulls trying to defend the 50-HMA support. The spot has charted a rising wedge break down on the hourly sticks. Rejection at 200-DMA prompted the U-turn in the prices. USD/CAD is on a freefall over the last hours after the bulls failed to take out powerful resistance at the 200-hourly moving average (HMA), now at 1.2175.
With the corrective decline, the spot has charted a rising wedge break down the hourly sticks after it breached the crucial support at 1.2158. That zone is the confluence of the rising trendline and 21-HMA.
The mildly bullish 50-HMA at 1.2133 is currently testing the bearish commitments. A breach of the last could expose the 100-HMA at 1.2118. The Relative Strength Index (RSI) edges lower within the bearish region, suggesting that there is more room to the downside. However, the bears could bid time before the next push lower, awaiting the dollar’s reaction to the US Retail Sales release.