USDCAD falls on CPI data, but runs into technical support at the 100/200 bar MAs on 4-hour

The USDCAD moved lower on the better-than-expected CPI data, and the oil has now taken the price to the 100 and 200 bar moving averages on the four hour chart between 1.3679 and 1.3684. So far that level has been able to hold support.

It would take a move below that level to increase the bearish bias and have traders looking toward the swing lows from last Friday at 1.3661. Below that, traders would look toward the 1.3630 area.

Find out the technicals and play by watching the above video.

This article was written by Greg Michalowski at www.forexlive.com.