The USD/CAD has been testing lows today near the 1.1430 level. The pair failed to break above the 1.1720 level on July 8th 2009, and has been trending lower since that time. If the pair continues its movement lower, a test of the 38.2% level at 1.1365 may take place. Below this 1.1254 and 1.1143 are possible levels of support.
On the 4 hour chart we can see the pair between the goalposts with 100 MA at 1.1563, and the 200 MA at 1.1341. The 38.2% Fibonacci level comes in just above the 200MA at 1.1365.
At 8:30am US retail sales and PPI data was released adding some strength to the US dollar. This may add support to the 1.1427 level. If the pair bounces off of this level, we can look for the 100MA (blue) at 1.1479 and the 200MA (green) at 1.1495 to act as near term resistance.
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