USDCAD tumbles as sellers seize control below key technical levels ...Middle East

The pair also dropped below the 38.2% retracement of the decline from the mid-May high, further weakening the technical picture. Selling pressure deepened as the price fell under the 200-hour moving average (green line) and a swing area near 1.3707 (green numbered circles), which had previously been a strong ceiling for price rallies. After a brief consolidation, momentum picked up again, extending the decline.

Key levels:

Support: 1.3633–1.3650 (current swing area being tested), 1.3600 (natural support), 1.3539 (low for the year.)

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

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