The USDCAD has run lower with the dollar selling and in the process is getting closer to a upward sloping trendline currently at 1.3529. The low for the week (on Monday) reached 1.35185. The 50% midpoint of the range since the June 9 low comes in at 1.35146.
The selling today got started after the pair stalled near a swing area between 1.36219 and 1.36292. The fall gathered momentum on a break of the 100 hour moving average at 1.35664. That level is now risk for sellers looking for a bigger move to the downside. Stay below keeps the bears/sellers in control.
The pair is also getting closer to its rising 200 day moving average at 1.34991. Recall back on June 23, the price low got within a few pips of that key moving average level and bounced higher. The price has not traded below its 200 day moving average since June 11.
Sellers have made a push lower and tilted the bias to the downside. However the lows for the week, and the 50% retracement remain as downsides hurdles to get to and through. Much will depend on whether the 100 hour moving average can hold resistance for the day.