A couple of big events ahead could send the USDCAD running. The bear has been trading above the 100-day moving average and 50% midpoint near the 1.3538. That level is the key barometer on the downside. Move below it and the bias tilts more to the downside. On the top side, there is a double top from last weekend this week at 1.36049. Get above that level, and traders would look toward a swing area and 61.8% retracement between 1.3614 and 1.36268.
This article was written by Greg Michalowski at www.forexlive.com. Source