USDCAD technical analysis: Sellers lean against resistance. Push lower. ...Middle East

In response, USDCAD reversed sharply lower, breaking back below the 100-day moving average (currently at 1.28128). It also slipped beneath the 100-hour moving average, signaling a shift in near-term control. The downside move briefly tested a key swing area between 1.3749 and 1.3759 before bouncing into the close. That rebound attempted a retest of the 100-day MA, but buyers couldn’t break through.

Bottom line: The market is at a technical crossroads. As long as the price holds below the 100-day MA and closer the May high at 1.37969 and June high at 1.3773, the risk remains tilted to the downside. A break below 1.3749 would strengthen that bearish case, with the final hurdle the 200 hour MA .

This article was written by Greg Michalowski at investinglive.com.

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