The USDCAD trades up-and-down with sellers now making a play technically. More specifically, the price has moved below its 100-hour moving average and 100 bar moving average on the 4-hour chart near 1.3458 area. The high for the day in the early North American session moved up to test it 200-day moving average at 1.3476, but could not get to New York surpassed that key moving average target. Buyers turn to sellers.
So sellers are making a play in the USDCAD to start the trading week after buyers had their shot and failed. Can they keep the momentum going? More downside momentum would have traders looking toward the 1.3398 – 1.34144 area, but the price needs to stay below the 1.3459 area.
This article was written by Greg Michalowski at www.forexlive.com. Source