USDCAD sellers make a technical play below 200 hour MA/38.2% retracement level

The USDCAD has been waffling up and down, but cells are now making a play with a move below its 200-hour moving average and 38.2% retracement of the move up from the September 19 flow. Both those levels come in at 1.36293. Staying below increases the bearish bias. On the downside, there is a swing area between 1.3600 and 1.3612. Below that the 50% midpoint of the same move higher comes in at 1.35813.

On the topside today, there was resistance near a swing area between 1.3669 and 1.3676 in both the Asian and European sessions. That area will remain a resistance target on any sort of rebound higher today (and going forward).

This article was written by Greg Michalowski at www.forexlive.com. Source