USDCAD moves back lower a bit on the headline
He adds:
- Sees very productive moment on NAFTA talks
The USDCAD has dipped on the comments and trades back below a lower trend line on the hourly chart.
Looking at the daily chart, the high today has stalled at the swing lows from March (bearish) at 1.2800. We are also back below the 38.2% at 1.2788. That area is risk for shorts now.
ON the downside, the 50% and the 100 day MA at 1.2690 area is a key target area. If there is continued weakness (stay below 1.2800), that area would likely attract some buying.
