The Feb low at 1.3068 approached…
The USDCAD has pushed back down after the BOC Business outlook survey came in better than expected and points to the BOC sitting on the sidelines (see Adam’s post here).
Technincally, the low from February 1, came in at 1.3068. The low earlier today reached 1.30666. We just traded to 1.30669. So far, buyers are leaning at the edge, but not ready to jump.
Drillijng to the hourly, the lows today have broken a lower trend line (and below it now). Traders who are short want to see a run away from that level now. It is now or never (well maybe not never, but….)