Narrow 28 pips trading range (22 day average is 65 pips) for the loonie
The USDCAD is moving to a new session low and in the process, is extending a very low trading range for the day.
The range is now 28 pips. The 22 day average is 65 pips. The pair is also looking to test the low from yesterday, and a lower trend line at 1.31064 ane 1.30984 respectivly. Yesterday, the trend line stalled the fall. The correction off the low, however, was limited with the high only extending to 1.3137 today.
If the the support holds, the buyers would need to see the price extend above the 38.2% at 1.3152 (swing lows from June 20 and June 25 at that area too). Above that, and the falling 100 hour MA would be another target to get above to give buyers more confidence. The USDCAD fell below hthe 100 hour MA and a trend line on June 19 and stayed below that MA since then.
If the 1.3098 level is broken (and stays broken), the February 2019 low at 1.3068 will be the next downside target (see daily chart below).
