The sellers in the USDCAD are taking more control as London/European traders look to exit for the day.
The selling has now taken the USDCAD pair to a new low, and in the process has broken back below its 100-hour moving average currently at 1.3792. Staying below the moving average level keeps the bias tilted more to the downside of the short term.
Having said that, there is work to do for the sellers to take more control. More specifically, the 200-hour moving average comes in at 1.3769. Below that is the 50% midpoint of the November trading range at 1.3763.
The low to high trading range for the USDCAD is only 55 pips which is short of the 76 PIP average over the last 22 trading days. So there is room to roam and sellers are making that play.
This article was written by Greg Michalowski at www.forexlive.com. Source