Sellers push below the two MAs
Traders are pushing the USDCAD below the converged 100 and 200 hour moving averages at 1.3393. The price tested as moving average levels on the last hour early bar and rebounded back toward resistance near 1.3403 – 1.34067. That area held resistance and the price has since rotated and extended to the downside.
The next target area comes between 1.3369 to 1.33766. Risk is a move back above the converge moving averages