The USDCAD moved higher after the PPI but did find willing sellers against its 100 hour moving average (see the video above). The price has since rotated back to the downside and is retesting it at 200 day moving out at 1.3479. That moving average (see green line on the chart below) will be a key barometer for both buyers and sellers in trading today and in the future.
Move below would be more bearish. Staying above we keep the buyers still in play and in control.
This article was written by Greg Michalowski at www.forexlive.com. Source