Reaches a low of 1.2483
The USDCAD took a look below the 1.2500 on its way to a low of 1.2483, but we are seeing a snap back higher. On the break, the pair did move below a lower trend line right around the 1.2500 level (1.25016 is the level now), but we are now trading back above.
You can argue, that the shorts had a shot to take this pair much lower on the break, but failed. Buyers will have more confidence that a low is in place if the 1.25217 can be breached. That level was the low from Friday and a low floor in the trading today (see red horizontal line).
Get above that line, could see a retest of the highs for the day at 1.2550 area, and may solicit more buying toward the topside trend line and 100 hour MA going forward. The trend line and the 100 hour MA (blue line) represent more important upside resistance targets for this pair.
For now, can the buyers take more control? Get above 1.21217.
