The "but" is the swing low from May 5
The USDCAD is showing signs of weakness. The pair yesterday chopped around the 100 hour MA (blue line in the chart below) early on, then tested and held the MA on a final test around the time of inventory data. That gave the sellers the go-ahead to take the price low an they have stepped the pair lower.
The price has moved below the 200 hour MA at the 1.28177 now and below the 38.2% at the 1.28026. Another push would be the low from May 5 at 1.2786.
Resistance against the 200 hour MA now. If you fancy a buy against the low, that is the level you need to see the price move above to take some of the selling pressure off. On a break of the low the low channel trend line (currently at 1.2770 and moving lower) and the 50% at 1.27372 are the next targets.
