The swing lows from last week/this week between 1.24704 to 1.24775
As BOC Macklem begins his presser after the more hawkish rate decision and statement, the USDCAD is down testing the swing lows from earlier this week and last week between 1.24704 and 1.24775. A move below would be another notch in the bearish move today.
Earlier the pair moved below the cluster of MAs between 1.25357 and 1.25575. The 50% of the move up from the March 18 low was also breached at 1.25087. That is now a closer risk level for sellers looking for more bearishness in the pair.
This article was originally published by Forexlive.com. Read the original article here.