The USDCAD moves lower and toward key support near 100 day MA and key swing area.

THe USDCAD has moved lower after the US PCE data. In the process, the pair is moving back closer to the breakpoint from earlier this week. That break came when the price moved above the 50% midpoint of the move down from the October high to the December low at 1.35378. The 100-day moving average of 1.35457 and a swing area between 1.3526 and 1.35428.

Those levels are now support. Break below and I would expect buyers to turn to sellers on the disappointments from the failed break.

The video above outlines of the important levels and explains their importance for traders today.

This article was written by Greg Michalowski at Source