Stays below the old floor since June 10
The USDCAD is trading near session lows. The price in the process has taken out the low from yesterday at 1.3424.
Earlier today, the pair did rebound to the upside only to fall over the last 4 or 5 hours. The technical catalyst for the move back to the downside was that the high price today stalled against old lows in the 1.3485-90 area, recall, the break below that level yesterday took the pair outside of the low end of the range since June 10 (see yellow area in the chart below and red numbered circles).
Sellers are more in control. Looking at the 5 minutes chart, the move to the downside after the earlier rise has been steady and consistent with little in the way of corrections. On the moved to the downside the price did take out the Asian and London morning lows at 1.3441 and 1.34365. Those are intraday resistance levels along with the 38.2% retracement 1.34428. Stay below each keeps the bears more in control.
