USDCAD sellers are making a play in the early North American session. The price has moved below its 100-hour moving average and 100 day moving average both at 1.35858. More recently, the price has dipped below its 200-hour moving average at 1.35687. Staying below those levels tilts the bias more to the downside for the USDCAD. It would take a move above those levels to switch the bias back in favor of the buyers.
On the downside, the next target comes against the 1.35478 (swing level - see red number circles on the chart below). Move below that level in the 200-day moving average at 1.3515 would be targeted.
Sellers are making a play in the USDCAD with the breaks below 3 key moving averages. There is work to do to get outside the 4-day range that confined the pair from Tuesday to Friday last week at 1.35478. Get below and it opens the downside for more probing by sellers.
