Close risk is now at 1.3250
The USDCAD is extending to new session lows as higher oil prices and 8 less double-edged Bank of Canada supports the loonie (lower USDCAD).
After the BOC decision, the USDCAD moved below the 100 day moving average at 1.32814, and ended up staying below that MA line. Bearish.
More recently, the price has fallen below swing levels at 1.3246 -503. Sellers are also leaning against that level. It is now close risk for sellers.
The next target on the downside is the August 27 low at 1.32243
