The USDCAD fell in early trading today and tested and held support against its 200-hour moving average at 1.34488. The subsequent rise of the price above the 100-bar moving average on 4-hour chart 1.3462, the 200-day moving average at 1.3477, and the 100-hour moving average 1.34865. The buyers made a play.
However, over the last few hours in the US session, the price has rotated back to the downside and fell back below its key 200 day moving average at 1.3477. That tilt of the bias more to the downside. He would now take move back above that moving average to switch the bias in favor of the buyers. Absent that, the sellers are more in control with the 200- hour moving average at 1.34488, the next key target to get to and through.
This article was written by Greg Michalowski at www.forexlive.com. Source