Canada was on holiday on Monday but that did not stop the USDCAD from reaching a key level

Canada was on holiday on Monday, but that did not stop the pair from moving up to test its 100-day moving average. The level came in at 1.3398 and the high price for the day reached up to 1.3398. Willing sellers against the technical level put a lid on the pair and the price rotated back to the downside. The current price is trading at 1.3369.

What next?

On the daily chart, there is support down at 1.3300 up to 1.3320. Drilling down to the hourly chart, there is interim support against the rising 100-hour moving average currently at 1.33464. Getting below that level would tilt the short-term bias more to the downside and give sellers against the 100-day moving average some hope for further corrective action. Absent that, and the buyers still remain in control. Be aware.

Watch the above video to fully understand the technical dynamics driving this currency pair.

This article was written by Greg Michalowski at Source