The USDCAD moved increased in early buying and selling in the present day, however sellers have began to take extra management.

technically, the worth moved as much as check the damaged 38.2% retracement of the transfer up from the July low. That stage got here in at 1.35902. The excessive worth 1.3591. On the excessive, the worth was additionally testing its falling 200-hour transferring common close to the identical stage. Though the twin ranges gave sellers extra confidence to tilt the worth extra to the draw back within the North American session. Staying under the 1.35902 stage will likely be extra bearish going ahead.

On the draw back, the 100-day transferring common comes at 1.35695. The worth has dipped under that stage. If that transferring out can stay damaged and if the decrease 100-hour transferring common at 1.35526 may also be damaged, it will give the sellers extra confidence {that a} excessive is in place a minimum of within the quick time period.

Sellers making a play after holding resistance at key topside resistance. Can they maintain that draw back momentum going?