USD/CAD dips below key moving averages, bias shifts to the downside.

USDCAD sellers are making a play in the early North American session. The price has moved below its 100-hour moving average and 100 day moving average both at 1.35858. More recently, the price has dipped below its 200-hour moving average at 1.35687. Staying below those levels tilts the bias more to the downside for the USDCAD. It would take a move above those levels to switch the bias back in favor of the buyers.

On the downside, the next target comes against the 1.35478 (swing level – see red number circles on the chart below). Move below that level in the 200-day moving average at 1.3515 would be targeted.

Sellers are making a play in the USDCAD with the breaks below 3 key moving averages. There is work to do to get outside the 4-day range that confined the pair from Tuesday to Friday last week at 1.35478. Get below and it opens the downside for more probing by sellers.

This article was written by Greg Michalowski at Source