100 hour MA at 1.3454
The USDCAD moved above the cluster of resistance defined by 38.2%, 200 hour MA and trend line at the 1.3594-1.3501. The high price moved to 1.3505 and reversed.
The price is back down retesting the 100 hour MA at 1.3454. That MA was tested earlier in the day and bounced. This is the 2nd look at the support level.
On Friday, the CFTC commitment of traders showed that CAD shorts were at record levels. That could slow rallies in the USDCAD (lower CAD) as traders step out of shorts on rallies in the pair. If the technicals turn more bearish, there could be more liquidation as the shorts in the CAD, get squeezed out. Be aware.
