The USDCAD has dipped below the 100 hour MA at 1.3900. Last week, the price dipped below the MA but failed after finding support at a swing level, and bounced.
This is another try that gives the sellers a win, IF the sellers can continue the momentum going. If so, the 200 hour MA becomes the next key target> That MA has not been broken since way back on October 2 when the 100 and 200 hour MAs were converged. That started the trend move higher that took the price from aroujnd 1.3500 to the high this week at 1.3938.
So seller have a victory finally (YIPPEE), but can they keep the pressure on?
This article was written by Greg Michalowski at www.forexlive.com.
Source link
