Falls to session lows
The USDCAD has extended it's narrow range after the better than expected May employment report. The pair has yesterday and the weeks lows to contend with at 1.2669 and 1.2654 levels. Those levels are also near the 50% of the longer term move up from the June 2014 low. That comes in at 1.26529. So the pair has some tough levels to get to and through (and stay).
ON a break of those levels, a break of the 50% level at 1.26520 will start to eye the underside of a broken trend line at 1.2575.
The 50% of the move down on the report comes in at 1.2706 while the 38.2% of the same move coems in at 1.2695. That area (between 1.2695 and 1.2706) should be resistance if the sellers want to remain in full control. The price has retraced to the 38.2% as I speak. So we will see if the sellers mean business or does the water get muddy technically at least. Oil prices are down on the day running counter to the stronger currency for now.
