The USDCAD has moved below its 200 hour moving average and looked toward the 61.8% retracement at 1.2706 and the natural support at 1.2700.
Below that level is a swing area between 1.2680 and 1.26846. Break that level and the 100 day moving average becomes the focus. That moving averages currently at i1.2666.
Back on March 2, the price moved below the 100 day moving average level for the first time since January 26. The low price extended to 1.2586, but could not sustain momentum (nor get to the 200 day moving average at 1.2568) and quickly rebounded back to the upside.
The high price reached 1.2900 just four days ago, before rotating back to the downside. The pair is on a three day losing streak. The price action today also moved below the 50% midpoint of the March trading range at 1.27432.
That 50% midpoint level, along with the 200 hour moving average at 1.27514, is now topside resistance. It would take a move above each to increase the buyers hope. Absent that and the sellers are full control.
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