USDCAD moves back down as buyers run out of steam

Technical Analysis

Author: Greg Michalowski | usdcad

Market ignore minority government.  Loonie remains strong

The USDCAD has moved back down as the buyers run out of steam.

Market ignore minority government.  Loonie remains strong
The market is mostly ignoring the minority government. Although the price of the USDCAD moved higher and back above the broken trend line from yesterday - and tried to weaken the loonie in the process -  the topside trend line at 1.3126 and the 100 hour MA at 1.3135 (currently - blue line), was not threatened.  The price is back below the 1.3100 level and that is close risk for the sellers now.

On the downside, the low for the day (and the lowest level going back to September 22) comes in at 1.30704.  That level happens to also be near the low price going back to February 1 (or within a 2 pips at 1.3068).

The USDCAD moved to test the low from Feb today and stalled
Sellers in the pair remain in contol below the 1.3100 level. the 1.3068-70 is the next target to get to and through. Below that and traders will be eyeing the 1.30151 area.  
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