USDCAD finds willing sellers versus the high from last week and backs off

The USDCAD moved up to test the high from last week earlier today and backed off near 1.3605.

Having said that, the pair last week moved above both its 50% midpoint of the move down from the November 1 high to the December low and also it 100-day moving average. Those levels come between 1.35378 and 1.35423.

If the sellers are to take more control they need to get and stay below those levels going forward.

So for now, the price remains between the double top at 1.3605 and the 100-day moving average of 50% retracement near 1.3540. I give the nod to the buyers, but sellers against the double top with a stop above have a say in how bullish the market can get too. The battle is on and traders are waiting for the next shove.

Services data to be released at 9:45 AM and 10 AM ET.

This article was written by Greg Michalowski at Source