USDCAD steps lower but finds support buyers at the 100 hour MA

<p>The USDCAD has been stepping lower in trading today, but after reaching the 100 hour MA, there has been dip buyers against that technical target at 1.36718.</p><p> Going forward, if the price can move below that level, it would open the downside. </p><p>Conversely, for the dip buyers, a move back above a swing area up to 1.3700 would give the dip buyers some additional confidence the bottom is in place.</p><p>The pair has been moving up and down today but with lower highs. That may continue to play out but the 100 hour MA buyers are now making a play. </p>

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