USDCAD falls toward key MAs on 4-hour chart

The USDCAD has moved modestly lower to start the trading week, and in the process is testing a swing area on the 4-hour chart between 1.3600 and 1.36125. Also, on the way on the downside is the rising 100-hour moving average at 1.3597, and its 200-bar moving average at 1.3576. Recall that the 200-bar moving average held support in trading yesterday on a number of different tests. It is a level of interest for both buyers and sellers as a key barometer today and going forward.

On the topside, getting and staying above the 38.2% retracement of the move up from the mid-September low at 1.3629 would have traders looking toward a target area between 1.3669 and 1.36799.

This article was written by Greg Michalowski at Source