After another unsuccessful attack at 1.2900 the USD/CAD pair moved off the level and headed lower. The EMA50 and EMA100 failed to stop sellers who were able to probe the level 1.2800. The selling pressure remained strong even when bears regained this level. Sellers pushed the price lower and were stopped by the EMA200 which lies in the 1.2770 area. The technical readings are negative. The moving averages are pointing south. MACD is in the negative area and is declining. RSI is close to the oversold area. The resistance stands at 1.2800, the support is at 1.2700.
If sellers regain the EMA200 then northing will stay on their way any move. In this potential scenario, the pair may probe the 1.2700 zone later this week.