The USDCAD is approaching the 100 day MA at 1.35142. The low price just reached 1.3519. The 100 day MA closed below the 100 day MA last on February 20. Often traders will lean against the 100 day MA on the first test (after a while). The low prices today have seen that so far today, but the bounces off the low have been limited as well with the corrective highs staying below the swing area between 1.3553 to 1.35597. It would take a bounce above that area to give the dip buyers more confidence that the low may be in place.
Although the sellers are still in control, there still could be dip buyers leaning. However, if the 100 day MA is broken, be aware for buyers to turn to sellers.
This article was originally published by Forexlive.com. Read the original article here.