Finding support against the area...
The USDCAD has moved back to the downside and sniffed the 50% of the 9 month move to the upside. That 50% level comes in at 1.30289.
The low just reached 1.3034. A move below is need to try and kick start more selling. "Try" because the price has moved below that level yesterday and back on January 17th, but momentum could be sustained. Other swing lows from September and October at 1.2997 and 1.3005 make the 1.3000 level a key area on the downside.
Yesterday, the price reached a low of 1.2967 but momentum faded. A second look below the 1.3029 level failed as well. If this pair is going lower, that level has to broken and stay broken (then the 1.3000 level). That has proved to be not so easy.....
