USDCAD testing the low level and floor at 1.0259. Will we bounce again?
The USDCAD moved sharply lower in NY trade as the dollar reversed and technical levels were breached adding to the selling pressure. There is no doubt the bias is down for the pair as tightening gets closer and higher oil prices (above $80) is becoming more comfortable. This benefits the CAD$ and hurts the USDCAD pair.
The floor from yesterdays trade was 1.0259 until the price fell below to a new low of 1.0249. The price moved higher off the level - closing the hourly bar above the floor low at 1.0259. Today, after failing above the 1.0307 level and above the 100 hour MA level, the price reversed and fell to an even new 2010 low at 1.0246. Like yesterday the price has reversed and is looking to close the current hour above the 1.0259 level.
The hour closes shortly and the price is at 1.0259 level. A close back below this level may disappoint the dip buyers. A close above may give the bottom pickers more confidence. The pair seems to be at a crossroad for a directional move. Watch closely for the clues.
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