USDCAD slips below key moving averages as bearish momentum builds ...Middle East

After trading above and below the 100-hour moving average (blue line currently at 1.39582), the price today has now fallen back below both that 100-hour and also the 200-hour moving averages (now at 1.39347), tilting the near-term bias more bearish.

A break below that zone would open the door to further downside, with the next technical support seen near the 1.3860 region.

Resistance: 1.39347 (200-hour MA), 1.39582 (100-hour MA), 1.40097–1.40268 (swing area and the 200-day MA and daily resistance)

Sellers are more in control while price holds below the key hourly moving averages. A move back above the 100-hour MA would be needed to ease the downward pressure.

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

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