USD/CAD breaks a key near-term support region, falls to a low of 1.4140
USD/CAD has been flirting with the the key near-term support region around 1.4162-68 for a bit before that gave way and price is now down to 1.4140.
The softer dollar and better risk mood is helping to keep downside pressure on the pair as we see oil prices move off the lows as well. WTI is now up by 2% to $11.80.
For now, sellers will look for a move towards the 100-hour MA (red line) @ 1.4111 next. That will be the next key area for buyers to lean on in the near-term.
Over the past few sessions, we have seen that level hold as buyers leaned on that to try and chase a move higher; most recently on 20 April.
In the bigger picture, the run higher in USD/CAD to the highs yesterday seems to stall at the 50.0 retracement level of the swing move lower from 1.4668 to 1.3856:
That is the key line in the sand if buyers are looking to go on the offense but for now, sellers are starting to gain more near-term control so keep the focus on the hourly chart.
