April 2018 low is the next downside target at 1.27251. Price fell below the floor for the week at 1.27677. Now close risk for sellers.
The USDCAD has been tumbling lower and reached a low price of 1.27338. That is getting closer to the April 2018 swing low price at 1.27251. A move below that level would open the door into the next lower extreme from 2018 down to 1.2527.
For now however the price has bounced ahead of that key target. The price currently trades at 1.27607.
Drilling to the hourly chart, the pair triggered stops below the 1.27677 floor which has stalled the fall on Monday Tuesday and again on Wednesday. Traders will be watching that level on the rebound. Stay below keeps the bears fully in control. Also watch the 1.27818 level.
