Forex technical analysis: USDCAD tests a key technical target

Follows the dollar lower

The USDCAD has moved down with the general dollar weakness in the NA sessionn. Oil prices are up +0.9% and that too is helping the strengthen the CAD (weaken USDCAD). 

The move lower has run into a key target level:

1. The 100 and 200 hour MA are both at 1.3108
2. The 100 bar MA on the 4-hour chart is at 1.3104.

The low for the day stalled at 1.31086. 

The price has bounced modestly off the level.   If the sellers are to remain in control, a correction should hold resistance at the 1.31348 area. This was lows from yesterday and is the 38.2% of the trend leg lower today.  The correction has moved to 1.3120.