Forex Trading: USDCAD Tests 100 Day MA At 1.0557

The USDCAD is testing the 100 day moving average at the 1.0557 level. A break below the level will likely see further pressure in the pair.  The 1.0501 level is the 50% of the recent move higher from the Jan 2010 low the Feb 2010 high (see chart above).  If the level holds, a move back above the 1.0580 level would pave the way to a move toward 1.0602 and the high for the day at 1.0627.