USDCAD eases below 1.3700; could attract new sellers in short-term. Next support could emerge within 1.3600-1.3622 territory. US S&P Global PMIs, Canadian retail sales on the agenda. The technical picture, however, suggests that the bears have more to accomplish.Thursday’s close below the 20- and 50-day simple moving averages and the drop back into the short-term falling channel could raise fresh selling interest in the coming session.
8% Fibonacci retracement of the October-December 2023 downtrend at1.3622and the lower band of the broad bullish channel at1.3600.Note that the 200-day SMA is within the neighborhood and a step below it could trigger a new decline towards 1.3500-1.3525. Alternatively, a bounce above1.3700may not excite traders unless the price stretches successfully above the 78.6% Fibonacci mark of1.3740. If that happens, attention will shift to the 1.
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