The USDCAD has seen a number of up-and-down moves in the price action this week. Having said that, the pair has remained below a broken trend line from last week’s trading, and been able to stay below the highest of moving averages – that being the 100-day moving average near 1.3535.
On the downside, the pair is testing at 200 day moving average of 1.34788. A move below that level should open the door for further selling with the broken 38.2% retracement of the move down from the November high at 1.34525 as the next target.
The video above outlines the key technicals in play and the close risks and targets.
This article was written by Greg Michalowski at www.forexlive.com. Source