USDCAD rotates lower and trades at new lows for the day. Key support area being tested.

The USDCAD buyers had their shot on the break above the 200 hour MA earlier today, but that break failed. The subsequent fall – helped by the weaker jobs report – sent the pair lower and the pair is now trading below the 100 hour MA at 1.34258. The next key target comes in between 1.3398 to 1.3414 (home to a number of swing levels). The 38.2% of the move up from the December low is in that area at 1.34019. It will take a move below that area to increase the bearish bias and give the sellers more comfort.

This article was written by Greg Michalowski at Source