The USDCAD based and moved higher in the Asian session, but has rotated back to the downside where there is support between 1.3715 and 1.3727. Within that area are
- Swing lows and swing highs going back to April 11 between 1.37146 and 1.37275.
- The 50% midpoint of the trading range since the April high at 1.37275, and the
- 100 bar moving average on the four hour chart 1.37159
If the buyers are to hold support, that area will be the risk-defining area. Staying above is more bullish. Moving below would shift the bias back to the downside.
This article was written by Greg Michalowski at www.forexlive.com.
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