The USDCAD has seen buyers in the early North American session take the price higher and above its 200-hour moving average of 1.32314, and 50% midpoint of the move down from the July 6 high at 1.3239. The high price reached 1.32424, but could not sustain upside momentum. The price has since rotated back lower.
We are currently testing – now moving below – its 100-hour moving at 1.31752. Staying below shifts the technical bias more to the downside. The low price from yesterday reached 1.3160. Below that, and traders will target the swing area near 1.3134 and 1.3143.
The market traders are unsure. The ups and downs reflect that dynamic. The question now is can the sellers keep the recent move going?
This article was written by Greg Michalowski at www.forexlive.com. Source