The 1.3107-14 is risk now
The USDCAD has moved lower in trading today and in the process has pushed below a swing/floor area at the 1.3107-11. On Friday and Monday, the price moved down to the 1.13135 area - just above that area - and bounced.
Today, that level is broken. What was support is now resistance. Risk for shorts now.
The downside targets are the low for the month at 1.3065 and 1.30597 now. A break of that and the pair can run lower.
Crude oil is up about $0.71 now. The drawdown in the inventory data is helping to support the price. That is more bearish for the USDCAD - generally (stronger CAD).
