USDCAD rotates back to the 100/200 hour MA area
The USDCAD hasd moved back down toward at swing area between 1.29845 to 1.29892. Below that is the near converged 100/200 hour MAs near 1.2977.
The price action today saw the price initially move higher running into a swing area near 1.3075 to 1.3092.
What now?
The 100/200 hour MAs will be a key barometer for the buyers and sellers going forward. Move below, and the bias shifts more to the downside. Stgya above and the correction will be viewed as one into support.
The price of oil helped to push the pair lower. Oil moved up strongly today and that helped the CAD in the process.
This article was originally published by Forexlive.com. Read the original article here.