The USDCAD has moved lower today after breaking above resistance early in the session and failing (at 1.3743/1.37475). The subsequent fall has taken the price back down to tested 100 bar moving average on the 4-hour chart at 1.37145. At session lows, the price is also testing the 50% of the range since the mid April high. That level comes in at 1.37173.
In the video, I talk to the price action and the key barometer at the dual technical levels. Can the buyers hold support? Or will the sellers push through and look toward other downside targets as it probes lower?
This article was written by Greg Michalowski at www.forexlive.com. Source