The USDCAD is consolidating today after it moved down to test the 100 day MA on Friday and in the early hours of trading today. The 38.2% of the move up from the 2021 is also near the 100 day MA (at 1.3224) as well as a swing area between 1.3207 to 1.32228. That makes the 1.3207 to 1.3224 area as a key target area on the downside.
So far, the low on Friday and today (1.1335 and 1.1338) has held the area. Early buyers have leaned. However, the up and down price action today (see hourly chart below) has only been able to move to 1.3303. There is some close resistance at 1.3307 (low from Thursday) that would be the minimum target for buyers that would give them some comfort off the support. The high today reached 1.33035. The current price is at 1.3288 near the middle of the trading range for the day.
I spoke to dynamics of the USDCAD in the weekend forex report. You can review that video by clicking on the video link below. The USDCAD portion starts at 18.00 minute point.
