USDCAD Breaking Down

The US dollar is falling at an alarming pace against the Canadian dollar, with the pair falling to a new 2021 trading low after the FOMC policy meeting. Selling any rallies back towards or slightly above the 1.2380 level in the USDCAD pair appears to be the best strategy right now. Sustained weakness under the 1.2365 level is also likely to increase technical selling towards the 1.2150 level.

The USDCAD pair is only bullish while trading above the 1.2400 level, key resistance is found at the 1.2470 and the 1.2550 levels. If the USDCAD pair trades below the 1.2400 level, sellers may test the 1.2300 and 1.2150 levels.

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