USDCAD stalling at the 1.0405-15 area, but just stalls.
The USDCAD has been moving down steadily on the back of the better than expected 4th quarter GDP released earlier today (see prior post). The move down has stalled at the 1.0412 level, in between the 1.0405-15 level target level outline earlier today. This is the support level where the USDCAD has found buying/selling interest going back to October 2009 on the daily chart (see chart above).
The price has slowed at the level but not been able to bounce really hard leaving open the possibility of a further break to the downside. At the least, the correction higher, is likely to be shallow as the shorts do not seem sufficiently concerned by the lower level. On the next topside resistance will come in at the 1.0449 which was the initial low for the trading day.
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