USDCAD moves closer to key test of 200 day MA/61.8% retracement

Technical Analysis

Swing low, 61.8% and 200 day MA line up below

The USDCAD is making new lows and in the process is moving toward a cluster of levels defined by the:

  • 200 day MA at 1.32656
  • 61.8% retracement of the 2019 range at 1.32575
  • Swing low from March 19 at 1.3250.

The area could give shorts a low risk level to take some profit. So there may be a stall. Dip buyers who want to try and catch the falling knife, also can define and limit risk against the level. 

The warning, however, is the market is trending lower. .  

ForexLive

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