USDCAD rebounds off lows but faces key test at 100-hour MA ...Middle East

A sustained move above the 100-hour MA would shift the short-term bias more to the upside at least in the short term, and open the door for a further rise toward the next key target: the 200-day moving average near the 1.4000 level.

Key levels:

Resistance: 1.3952 (100-hour MA), 1.4000 (200-day MA)

Momentum near-term hinges on the battle at the 100-hour MA. Traders will be watching closely for a directional break.

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

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