The USDCAD is breaking below a cluster of MAs including the 100 and 200-hour moving averages and the 100 bar moving average on the 4-hour chart. Those levels come between 1.3700 and 1.37102. If the price, stays below those MAs, the bias shifts more to the sellers at least in the short term for the pair.
Overall, the last 14 or so days has seen the price trade within a 1.3615 to 1.3782 range. The ups and downs (see chart below) has converged the MAs in the center of that range. As a result, it represents the barometer for bullish above, and bearish below.
See the video above for the details of the technical roadmap for the USDCAD.
This article was written by Greg Michalowski at www.forexlive.com.
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