The USDCAD falls to the new session lows

Technical Analysis

Author: Greg Michalowski | usdcad

Trades at lowest levels since July 22

On election day in Canada, the USDCAD is moving lower (CAD moves higher).  The pair just reached to new session lows which is the lowest level since July 22, 2019.

Trades at lowest levels since July 22
Technically, looking at the daily chart, the price on Friday closed below a recent swing level at the 1.3134-44 area.  Today, the price high stalled within that range and has been marching a lower since.

The next target comes at the February swing low at 1.3068. The low for 2019 reached 1.30151.  

Drilling to the hourly chart below, the price has moved below a lower trend line at 1.3110 (currently).  That is now risk for the sellers.  Stay below keeps the sellers in control.  

USDCAD moved below lwoer trend line at 1.3110. That is now risk for shorts.
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