The USDCAD has seen volatile up-and-down price action today. However, if there is a tilt, the tilt is to the upside as the price is above the 100-hour MA at 1.33214. Staying above that level going forward would keep the buyers more in control.
Having said that, there is work to do for the buyers. The current price targets are at 1.3371. That level represents the swing high from December 20 and again earlier this week. The 50% – which is near the high – comes in at 1.33971.
A move back below the 100-hour MA would ruin the buyers mood and should lead to more downside momentum.
The video outlines the levels in play as the week comes to a close and traders start to prepare for next week’s trading.
This article was written by Greg Michalowski at www.forexlive.com. Source