USDCAD steps below key levels, bearish momentum builds intraday.

The USDCAD moved higher in early trading today, but sellers have started to take more control.

technically, the price moved up to test the broken 38.2% retracement of the move up from the July low. That level came in at 1.35902. The high price 1.3591. At the high, the price was also testing its falling 200-hour moving average near the same level. Although the dual levels gave sellers more confidence to tilt the price more to the downside in the North American session. Staying below the 1.35902 level will be more bearish going forward.

On the downside, the 100-day moving average comes at 1.35695. The price has dipped below that level. If that moving out can remain broken and if the lower 100-hour moving average at 1.35526 can also be broken, it would give the sellers more confidence that a high is in place at least in the short term.

Sellers making a play after holding resistance at key topside resistance. Can they keep that downside momentum going?

This article was written by Greg Michalowski at Source