Bears remain in control as the pair consolidates at the lows
The USDCAD has been consolidating at the lows over the last few days. The lows have been random between 1.3330 and 1.13350 (the low today was at 1.3339) over the last 4 or so days.
The highs have been lower with a trend line and 100 hour MA providing a level to lean against on corrections. Today both the 100 hour MA and the trend line are at the same 1.33843 level.
It will ultimately take a move above both those levels to tilt the bias more to the upside. Until then, the sellers remain in control (the buyers are not winning the battle). An interim level today to eye comes in at the 1.3369 area. That was a swing low on July 23 and again on July 27. The last swing high stalled near that level as well (see blue numbered circles). There are a number of ups and downs around that line.
Taking a broader look at the daily chart, the 1.3314 to 1.3353 area is home to swing levels going back to August 2019 (see blue numbered circles). A move below that area opens up the door for further downside. The low yesterday reached 1.3330.
