USDCAD reaches the MA targets and backs off

The USDCAD stretched higher and in doing so, reached the 100/200 hour MA target at 1.4385 to 1.43918. Sellers leaned at the risk-defining level on the first test, and the price has backed off.

If the buyers are to take more control, getting and staying above those MAs is needed to give the buyers more control.

If not, a rotation below the 1.4348 level is need to give the sellers some additional comfort and give the buyers more cause for pause.

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