Testing 1.3100 area and finding buyers
The USDCAD is scraping along the recent bottoms. Support buyers are leaning.
Yesterday the low reached 1.3103. The Asian session low reached 1.30945. Going back in time the 1.30989 to 1.31157 was home to a number of lows going back to October 9th. The price did below that level in the run lower in the Asian session but only by a few pips. Nevertheless getting below that low at 1.30945 would be another tell as would the low from October 21 at 1.30804.
The current hour has reached 1.31083 and is seeing a little bounce. Buyers seem to be leaning. Risk can be defined and limited against those levels. A break lower and more probing to the downside with 1.30804 as the next key target.