The sellers within the USDCAD are taking extra management as London/European merchants look to exit for the day.
The promoting has now taken the USDCAD pair to a brand new low, and within the course of has damaged again below its 100-hour moving average presently at 1.3792. Staying below the moving average degree retains the bias tilted extra to the draw back of the quick time period.
Having mentioned that, there’s work to do for the sellers to take extra management. More particularly, the 200-hour moving average is available in at 1.3769. Below that’s the 50% midpoint of the November buying and selling vary at 1.3763.
The low to excessive buying and selling vary for the USDCAD is just 55 pips which is wanting the 76 PIP average during the last 22 buying and selling days. So there’s room to roam and sellers are making that play.