The USDCAD fell sharply yesterday, and in the process tested the 38.2% retracement of the move-up from the December low. Animal came in at 1.35899 and that was where the price decline stalled. In trading today, the price also tested that moving average in the early Asian session and found support buyers.
Sellers turned buyers and have pushed the price to the upside. What next?
There is some resistance near the 1.3650 level where the following 100-hour moving average is found. Just above that is a swing area between 1.3654 and 1.3668. Those levels would need to be broken to further increase the buying momentum.
In this video above, talk about the technicals in play for the USDCAD.
This article was written by Greg Michalowski at www.forexlive.com. Source