Tough to pick a bottom, but USDCAD tests a key area

Technical Analysis

Author: Greg Michalowski | usdcad

200 day MA and 61.8% 

200 day MA and 61.8% 

It is tough to pick a bottom, but the USDCAD is testing the 200 daay MA and 61.8% in the 1.3113-18 area. Hold would be good for a bounce. Break and stops triggered.  

On a bounce the 1.31599 would be eyed (swing low from December).  The low from earlier this year reached 1.3179.

The pair moved from 1.3210 before the number to the lows (a little less than 100 pips). For the day, the USDCAD has moved an oversized 163 pips (down 143 pips on the day)

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