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 www.forexlive.com. Source