The USDCAD continues downside move today.
The USDCAD has continued its downside move today after the corrective move higher yesterday stalled at the swing lows from May 24/27 (see green numbered circles) at 1.3429 area. The correction of the move down from the May 31 high, also stalled ahead of the 38.2% of the move up at 1.3439. So overall, the correction was modest. Bears remained in control.
The fall has taken the price below another swing level at 1.3393-99. The 1.3400 level is now close risk for sellers/bears. Stay below keeps the sellers firmly in control.
On the downside, the price is approaching the low from yesterday at 1.3362. THe May 22 low comes in at 1.3353. Both are targets on the downside now.
Looking at the daily chart below, the pair is testing the 38.2% of the move up from the 2019 low at 1.33746. On a break and with more weakness, the 100 day MA at 1.3348 will be eyed as well. The price last traded below that MA on April 17.
