Upside try, stalls near resistance
The USDCAD continues to be under pressure after correcting to the 1.25217 area. The high reached 1.2524, but that was it. The price is back down to the key 1.2500. We currently trade at 1.2498 right near the low trend line on the hourly chart below.
On a continuation of the move lower, the 1.2461 is another low trend line on the hourly chart. Remember, the 1.2460 is also the low from May 2016. That level will be a key area. Expect to see buyers leaning against the level, with stops on a break.
SUMMARY: The sellers are still in control with the 2016 low a key target. Should the buyers come back in against trend line support, the 1.25217 area remains a level to get to and through and then the 100 hour MA (blue line).
