The loonie is the best performer so far on Easter Monday
As sellers hold below the level, it would mean the near-term bullish bias is now broken once again. Further support is now seen at the 200-hour MA (blue line) @ 1.3355. However, in the bigger picture, USD/CAD is basically still ranging very much between 1.3290-00 to 1.3400 over the past three weeks.
And that price action is also clearly detailed on the daily chart as well:
Hence, a break below the key hourly moving averages may put sellers back in control in the near-term but there’s support from the 100-day MA (red line) @ 1.3338 to contend with before buyers lean on bids around 1.3290-00 for added support to hold up the pair.
Eventually, something’s gotta give and the trade would be to go with the break. But just be wary of a move towards the downside as there is further key support from the 200-day MA (blue line) @ 1.3209 as well as the upwards trendline support since February last year. That currently sits at 1.3229.
Those would be critical levels for sellers to break through in chasing a further move to the downside from this point on.