Patient buyers against the level?
Be aware.
The USDCAD is getting closer to the key 200 day moving average at 1.3506. The low for the day has just reached 1.35102. The price has been trending down over the last few hours after the Bank of Canada kept rates unchanged.
Technically, earlier today the price fell below a lower channel trendline around the 1.35538. That turned dip buyers into sellers. The price has stepped lower since that break.
Now with the price getting closer to the key 200 day moving average, will the buyers step in against the level? Risk is low, and risk can be defined and limited against the level with stops on a break below.
