2020 midpoint comes in at 1.3813
The USDCAD is trending lower and in the process, has moved below the 50% midpoint wall for the 2020 trading range. That level comes in at 1.38131. The price just traded to a low of 1.37967.
Earlier in the day, the pair moved below a key swing area defined by lows in April and May between 1.38492 and 1.38653.
The combination has tilted the bias increasingly more to the downside for the pair. Stay below each, and the bears remain more in control on the daily chart. The next target off that chart comes in at 1.36954. The that is the rising 100 day moving average.
Drilling down to the 5-minute chart, the pair has been stepping lower and lower and lower with limited corrective moves higher. The pair has kept a solid topside trend line. The lower channel trend line has been breached on a few occasions only to fail. This is the 3rd break. Does the move slow again? Watch the level.
In the meantime, the sellers remain in control and the levels on the daily are giving the sellers the ammunition and confidence to go lower.