Looks toward 1.2500 and then 2016 low at 1.2460.
The USDCAD has moved to a new session low (and 2017 low) after the better than expected wholesale sales data.
The natural support target of 1.2500 is being approached (trading at the lows at 1.2512 now). A move below that level and the 1.2460 low for 2016 will be eyed.
Drilling to the hourly chart below, the lower trend lines cut across at 1.2502 and 1.2474. On topside on the hourly chart today (and this week), the trailing trend line and 100 hour MA are key resistance areas to eye. The price has not closed above the 100 hour MA since July 12th (for 5 hourly bars). Last week, the levels were tested on Thursday and Friday and each test found sellers leaning against the level.
