Correction over...
The USDCAD spiked up toward the swing high from March on the daily chart at 1.3124. The high reached 1.31197. The price backed off and has moved back toward the 1.3160-66 area. Those levels were swing highs and lows in June and July (see red circles on the daily chart below). Get below is more bearish.
Staying on the daily chart, the target on more downside still remains the 100 day MA at 1.29603. That MA was tested last Friday and again yesterday. If this pair is going lower, that MA needs to be broken. Be aware
Looking at the hourly chart, the move lower has the next target at the 1.30388 area (see red numbered circles on the chart below). Below that the 200 hour MA and 100 hour MA at 1.3024 and 1.30165 are interim steps that give sellers more confidence that a 3rd retest of the 100 day MA is forthcoming.
As I type, the USDCAD is trading to new session lows at 1.3051 as traders focus on the 1.30388 level next.
