The bounces are shallow but 1.2500 is still holding firm in USDCAD
- 1.2500 contained a barrier yesterday and it’s been the low for two days (so far)
- Bounces limited to 1.2525/30 keep the bearish pressure on. 55 H1MA at 1.2531
- Further intraday resistance at 1.2545/50, then 1.2565/70. 100 H1MA at 1.2574, 100 DMA 1.2599
- Stops likely building in size on a break of 1.2500
- Support next at 50.0 fib of Sep/Oct lo/hi 1.2488
- Stronger support at 1.2450
Retail platforms may be showing prints under 1.2500 due to spread differentials (as per the chart below) but both BBG and Rtrs have the lows at 1.2500.