The USDCAD tumbles lower and in the process is stretching toward key retracement target

<p>Like many other currency pairs, the USDCAD is moving in the direction of a lower dollar and in the process is stretching toward a key technical target. The pair is moving closer to its 61.8% retracement of the 2023 trading year. That level comes in at 1.33999. The low price today has reached 1.34192. A move below the 1.3400 level, would open the door for more downside probing. The low price from September reached 1.3378 (that would be the next target)</p><p>Recall, that yesterday the price moved down to test the 50% midpoint at 1.3495. That level, along with the breaking of the 200-day moving average at 1.3511, is now a key barometer for buyers and sellers off the longer-term daily chart. Staying below those levels keeps the sellers more in control. If the price were to move back above those levels the longer-term sellers who jumped on the break(s) lower, would be disappointed.</p>

This article was written by Greg Michalowski at www.forexlive.com.