USDCAD pulls up just shy of 38.2 fib of 1.28 fall
USDCAD fell following the better Canadian sales data earlier and held up at support around 1.2195. The dollar had dragged the loonie up towards the 38.2 fib of the 1.28 fall but it came up short by around 12 pips. The fib level is also a tech resistance level across the mid Apr highs
USDCAD H4 chart
With the USD looking generally softer today perhaps the downside is where we should focus our attention. 1.2160/65 is the next support under 1.2195, followed by 1.2145. 1.2130 looks to be a last line level before looking at undoing the jump from 1.2050
USDCAD H1 chart
Shorts can lean against the recent highs, and again at the fib but a break there and at 1.2300/05 could see us motor up towards the 50.0 fib
Again, with the FOMC minutes so close it's hard to hang your hat on any tech right now but the wider levels are worth noting.
