USDCAD pressured below 200-hour moving average as sellers eye key support at 1.4270 ...Middle East

The pair last week re-tested and 38.2% retracement of the move up from the February low at 1.4319. The price did move above that level on Thurday, but quickly reversed lower. That adds another technical ceiling to monitor. Unless buyers can push above these moving averages with conviction (and broken 38.2% retracement), upside potential is limited/the sellers are more in control.

Key Technical Levels:

100-hour MA: 1.43276

38.2% Fib (of March rally): 1.43916

61.8% at 1.42993

100-day MA: ~1.42486

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

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