Canada was on holiday on Monday but that did not stop the USDCAD from reaching a key level

<p>Canada was on holiday on Monday, but that did not stop the pair from moving up to test its 100-day moving average. The level came in at 1.3398 and the high price for the day reached up to 1.3398. Willing sellers against the technical level put a lid on the pair and the price rotated back to the downside. The current price is trading at 1.3369.</p><p>What next?</p><p>On the daily chart, there is support down at 1.3300 up to 1.3320. Drilling down to the hourly chart, there is interim support against the rising 100-hour moving average currently at 1.33464. Getting below that level would tilt the short-term bias more to the downside and give sellers against the 100-day moving average some hope for further corrective action. Absent that, and the buyers still remain in control. Be aware.</p><p>Watch the above video to fully understand the technical dynamics driving this currency pair.</p>

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