USDCAD tests a cluster of MAs on topside after bouncing off key support at Friday’s low

The USDCAD stalled at a key support level last week. That level came against the 38.2% retracement of the move up from the December low to the April high at 1.35899. The inability to move below that level gave the buyers the go-ahead to push higher.

That move to the upside today has moved into a cluster of moving averages including the 100 day moving average, the 100 bar moving average on the 4-hour chart, and the 200 bar moving average on the 4-hour chart. It would take a move above that cluster of moving averages to increase a bullish bias.

Find out all about the technicals that will drive this currency pair going forward in the video above.

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