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USD/CAD Trading at Key Consolidation Support

USD/CAD has been consolidating since the beginning of May after it found support at 1.0814. The pair traded sideways with a high at 1.0960. 


(usdcad 4h chart 6/19)

Today, the pair is testing that 1.0814 support and barely made a lower low before a bullish reaction at the beginning of the 6/19 US session. 

The pair is poised to continue lower after the bearish reaction to the middle of the consolidation rage in the 1.0890-1.09 area. In fact, a break above 1.09 will be needed to take away the bearish bias. 

In the bearish continuation scenario, the 200-day SMA will be the first support factor, and it current resides at 1.0780. Below that, 1.0737 and 1.0560 are the next two levels to monitor for support.