USDCAD rotates back lower in the early NA session & looks to test support target support.

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.