Trades to new session lows

The USDCAD stalled the fall yesterday at the 50% of the move up from the Feburay low at the 1.32036. Being near the natural support level at 1.3200 helped stalll the fall.

USDCAD Trades to new session lows

Today, the price fell below that midpoint level, bottomed and retested the level, before turning around and heading lower. What was support at the midpoint, was resistance today.

Looking at the 4-hour chart below, the pair is approaching a swing area that seemed to define a resistance area at the end of January. That area comes in at 1.31569-645. On MNarch 6th, the price shot above that level, and corrected down to 1.3171 before racing higher. Testing that area as I type.

Do buyers lean with stops below?

The 4 hour chart on USDCAD shows the next downside target

PS on a break the 200 day MA at 1.31416 looms large on the downside.