Trendline cuts across at 1.3417
The USDCAD moved sharply lower over the last 2 trading days. Yesterday, the pair moved below a swing low floor area between 1.3485 and 1.34918. The break lead to further downside momentum with the pair bottoming at 1.3424.
In trading today the price moved higher in the early European session reaching a high of 1.34823. That was just short of the low of the swing area at 1.34854. Sellers seem to lean against that old floor area. The price has moved lower since.
The new low reached in the early New York session reach 1.34184. That was right on a trendline connecting recent lows from July 8 and yesterday's trade. That trend line currently comes in at 1.3417. A break below that level would open the door for further selling with the next target at 1.3400.
Should support hold again, we could see the sellers turned more to the by side. The upside targets become 1.3436, and 1.34674. The latter is the broken 61.8% retracement of the move up from the June 10 low. Of course getting above the swing area at 1.3485 to 1.34918 would ultimately be needed by the buyers if they are to discredit the break lower.
https://www.forexlive.com/tech...!/usdcad-trades-up-and-down-today-near-the-lows-and-trend-line-support-20200722
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