The key move technically in the USDCAD last week, was the move back below the 100 and 200 day MAs. That tilted the bias more to the downside for the pair from a technical perspective.
The other thing of note from the daily chart is the convergence of the 100/200-day MAs. That is indicative of a non-trending longer-term market which could be a clue for a break outside of the range… soon. Non-trend transitions to trend.
The video will outline the levels that would keep the bearish bias and potentially lead to a break outside the up and down trading range in the USDCAD pair.
This article was written by Greg Michalowski at www.forexlive.com.
