The USDCAD has moved lower in trading today, and in the price process moved back below the 100 bar MA on the 4-hour chart (at 1.37079 currently – blue line on the chart below). The price has moved down to test the 200 bar MA on the 4-hour chart at 1.3687.
The 38.2% of the range since the April high is also at that level (see green line on the chart below).
Move below those levels would give the sellers more confidence and have traders looking toward the downside. Hold support here, and it is the 2nd week in a row that buyers stalled the fall at the 200 bar MA. That would empower the dip buyers today.
Key level for both buyers and sellers.
This article was written by Greg Michalowski at www.forexlive.com.
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