Reaches the high of an old ceiling
The USDCAD has reached the lowest level since early March. In the process, the pair has reached the upper end of and old ceiling that contained the pair from August 2009 until the end of February/early March 2020. That area on the daily chart comes in between 1.3320 at 1.33817. The low price today just reached 1.33718.
The old ceiling should provide some support (i.e. become a floor) on the first look. Of course the area is wide. Being patient for a lower level (say around 1.3345) might be a target by area for patient buyers (with a stop below 1.3320).
Drilling to the hourly chart, a low trendline comes in at 1.3355 (and moving lower). That level may also be eyed by dip buyers. Combined with the daily chart, the 1.3345-55 area will be eyed as a patient support target. On the topside, the 100 day moving average at 1.34632 keeps the sellers more in control. The high today stayed well below that level keeping the sellers firmly in control
