Key support a little lower

The USDCAD has rotated a bit lower after oil price rebounded ....a little (it is still below $27 a barrel). The fall in the price took the price back to unchanged on the day at the 1.3926 level. The price is currently trading at 1.3942.

If the price should continue to fall, keep an eye on the 1.3898-1.3904 area. The 100 hour MA is at 1.3904 and the 200 hour MA is at 1.3898. Staying above keeps the buyers in control.

A move below would be more bearish - if the price can stay below. Understand that the last two looks below the 100 hour MA moved below and rebounded. The difference now is the 200 hour MA has joined the 100 hour MA.