The USDCAD has not followed the USD higher like the EURUSD, GBPUSD, and USDJPY pairs today. There are ups and downs, and most of the ups and downs have been between the 200-hour moving average above at 1.34878, and the 100-hour moving average and 200-day moving average on the downside at 1.3464 and 1.3459 respectively.
The price is back down testing the lower moving averages down to 1.3459. So far dip buyers have leaned against that area. Can they push the price back higher?
If the price moves below the 200-day moving average, I would not fade the move but would expect more downside momentum. Getting below the low for the day at 1.3453 should give sellers more confidence.
This article was written by Greg Michalowski at www.forexlive.com. Source