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USDCAD sellers push the pair below the 100-hour moving average

USDCAD is testing the 200-hour moving average around 1.4227, with swing support near 1.4200 next if the level is broken.

Reported · Written up by our desk · Major Pairs

USDCAD sellers scored a short-term push lower after the price stalled at a topside trendline near session highs, a pattern seen both the prior session and again today, according to Forexlive.

Forexlive said sellers pressured the pair back below its 100-hour moving average at 1.42488, and that break has set up a fresh attempt to move lower.

The report added that USDCAD is now attempting to break below the 200-hour moving average at 1.4227, with a sustained move under that level expected to strengthen the bearish bias.

If the 200-hour moving average gives way, Forexlive pointed to the swing support area around 1.4200 as the next target.

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