The USDCAD has followed the USD lower and in the process is now stretching to a key cluster of support defined by:
- A swing area between 1.3654 and 1.3668
- 204 moving average on the four hour chart at 1.3665
- 50% midpoint of the April trading range at 1.36612
That cluster between 1.36541 and 1.3668 is key for the short term barometer. Staying above is more bullish, moving below would increase the bearish bias. That fight will be resolved soon.
Do you like USDCAD buying? This is the dip.
Do you like USDCAD selling? Break below 1.3654 to increase the bearish bias.
This article was written by Greg Michalowski at www.forexlive.com. Source