We are waiting….
The Bank of Canada’s recent rate decision has not significantly impacted the price movement in either direction. On the downside, the key level to watch is the 100-hour moving average, currently at 1.35497. A breach below this point could lead traders to aim for the 200-day moving average, located at 1.35156.
Conversely, on the upside, the immediate targets are the 100-day moving average at 1.35738 and the falling 200-hour moving average at 1.3577. Overcoming these levels could enhance the bullish sentiment, with the next focus being the 38.2% retracement of the downward movement from the November 10 high, which stands at 1.36224.
This article was written by Greg Michalowski at www.forexlive.com. Source