USDCAD tests lower trend line target
Both the USDCAD and USDCHF are trading to new session lows. The USDCAD has moved down to test and move below a lower trendline at 1.2707. The pair is currently trading at 1.2705. The 61.8% retracement of the move up from the January 21 low to the January 28 high is the next target at 1.2699.
The current yellow area should find dip buyers with stops below the 1.2699 level.
A move below that level will next target the swing low from January 27 at 1.26847.
Looking at the USDCHF, the pair has moved down to test the swing hi going back to January 18 at 0.89249. Below that and traders will target 0.89166 and 0.89212 swing area.
