Key support level. No closes below 1.300 since September 2016
The USDCAD is getting closer and close to the 1.3000 level. Since September 9, 2016, the price of the USDCAD has only traded below the 1.3000 level on 3 separate days (with a low of 1.29689 on January 31, 2017), but there have not been a close below the natural support level. You have to go back to September 2016 to have a close below the level. The low reached 1.3005 and are seeing a modest bounce.
The choppy action against the support level today (see 5-minute chart) suggests the market is paying close attention to the level. There have been 4 separate swing lows in the 1.3005-07 area. I have to think, the buyers should turn to sellers below 1.3000. ON the topside today, the high has been limited to 1.3043. The price is below the 200 and 100 bar MAs on the 5-minute chart. Sellers are pushing but buyers against the support are also in play.