USDCAD makes a break below the 100 hour moving average. Can it remain there? ...Middle East

Today, after rallying in the Asian Pacific session, the price In early European trading had another brief move above the 200-hour MA, but that too failed, reinforcing the ceiling. The price has since rotated back to the downside and is now trading below the 100-hour moving average at 1.37968, a level that is now acting as resistance. Staying below this level keeps the sellers in control in the short term.

Key technical levels:

Resistance:

100-hour MA: 1.3796838.2% of the May range at 1.38107200-hour MA 1.3818

Support: • Swing zone: 1.37498 to 1.37724 • Low for May: 1.36841

As long as USDCAD remains below the moving averages, the short-term technical bias favors sellers.

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

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