The resistance above could not be broken
early in session, the USDCAD push to new session highs and in the process tested a resistance area between 1.27616 and 1.27684. The price high could not extend through that level (and get to the 100 hour moving average). The fall has now taken the price back below the 50% retracement of the move up from the January 21 low today January 28 high at 1.27338.
The next target on the downside is the low for the day and 1.27118. Below that comes the downward sloping trendline which held support in the London morning session. That level cuts across at 1.2706 (see green numbered circles). A move below that level opens the door for further downside momentum.
So ups and downs in the USDCAD. The buyers had their shot but could not extend above a topside resistance. It is the sellers turn to take another run at the lower trendline.
