New trading lows for the USDCAD
The USDCAD is trading to a new session lows and in the process is moving away from its 100 day moving average at 1.37224.
Stay below the 100 day moving average keeps the sellers more control with the next target at the 61.8% at 1.36116 on the daily chart. Below that there is a gap between 1.34638 and 1.35169. The 200 day moving average is near the low of that gap at 1.34594. That is the longer term prospective.
Drilling down to the hourly chart, the pair is currently testing a lower trend line connecting the lows from May 19 to the low from May 27. That level comes in at 1.36516. A move below that level opens the door for further downside momentum with the daily targets as the roadmap ahead.
