USDCAD looks to retest the 38.2% retracement. First of next key targets.
100 day MA and 200 hour MA/50% the other targets on more downside momentum
The USDCAD has retested the 38.2% of the move up from the February 1 low. That comes in at 1.32289. Swing lows from Feb 7 at 1.3228 and Feb 8 at 1.32316 are also in the area. The low today reached 1.32326.
Is that all for the correction lower, OR does the price break and head to the 100 day MA at 1.32153, and then the 200 hour MA and 50% retracement at 1.3298-1.3300 area?
Honestly, it is a coin flip but given the prior tests at the area, it is not all that surprising to see some profit taking against the support area today. Traders can easily buy against support with stops on a break.