Seller tries to take control
The USDCAD has moved to a support area on the 4-hour chart. The area is defined by a trend line off swing lows from this week AND swing highs and low (see red circles) going back to earlier in November.
Helping to keep the sellers engaged is that at the high today, stalled ahead of the the highs from last week. That gave sellers more confidence.
Now the trend line and the swing area at 1.32577-648 needs to be broken and stay broken fore sellers to add to their control off the failed break above. Doing so will have traders eyeing the next key target at the 100 bar MA (blue line) at 1.32154 (and moving higher).
The price has been able to break below that MA going back to mid October (see shaded red areas below the blue MA line), but not for long. If a high is in place, getting and staying below that MA will be another bias clue for the bears.
Right now the sellers are trying to push, but we are trading at a support area.