USD/CAD touches session lows of 1.2616 - last seen on 23 October
Yesterday, the pair threatened to break out of the range - and it duly did today.
The next level of support hovers around the 100-day MA @ 1.2605. But a breakout from the 2-month range should signal a strong indication that we could be in store for further downside moves. Should the 100-day MA fail to hold, the next level to eye is the support at 1.2449.
But the caveat here is that this is after all year-end trading season.
Liquidity is thin. And markets can just as easily reverse back whatever moves during this time of the year in the next week - especially looking at the dollar weakness at play over the last two days. So, that's something to look out for in case.
