The USDCAD has been stepping lower in trading today, but after reaching the 100 hour MA, there has been dip buyers against that technical target at 1.36718.
Going forward, if the price can move below that level, it would open the downside.
Conversely, for the dip buyers, a move back above a swing area up to 1.3700 would give the dip buyers some additional confidence the bottom is in place.
The pair has been moving up and down today but with lower highs. That may continue to play out but the 100 hour MA buyers are now making a play.
This article was written by Greg Michalowski at www.forexlive.com. Source