Pair works on the lower extreme area for the year.
The USDCAD move to the lowest level since January 27. The low reached 1.3151. That area would need to be broken to solicit more downside probing.
The price is is still a bit away from the other lows from January 2020. The next downside target would be the consolidative area between 1.3028 to 1.3048, and then the low for the year at 1.29565 (from January 7th).
Drilling to the hourly chart below, the move higher off the low today did find sellers leaned against recent swing areas. The first target was the swing line at 1.31914. The second area was between 1.3201 to 1.3205. The high corrective price did extend to the 2nd target (the high reached 1.32036) before rotating back to the downside. The last corrective high stalled against the lower 1.31914 level.
So sellers are keeping in control. The pair has the low and the 1.3047 level to get below before it starts to look toward the other swing lows for the year. However, the risk and bias defining levels from above, did hold resistance and stall the rallies today.
