The USDCAD moves to new session lows

Technical Analysis

Author: Greg Michalowski | usdcad

Price falls below trend line support

The USDCAD has moved to new session lows and is running further away from a broken trend line on the hourly chart at 1.3390 currently. The low price just reached 1.33554.  The next close target on the downside that traders will be watching is at 1.3345. That level was a swing high from Tuesday and also a swing high on Wednesday before breaking on higher. The price did dipped below the level in early afternoon trading yesterday only to quickly rebound. Get below today and stay below and we should see further corrective moves to the downside. The rising 100 hour moving average and 38.2% retracement are converged at 1.3306. Those technical levels would be downside targets

Price falls below trend line support
If level cannot be broken, the buyers are still in control.
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