USDCAD moves into the next target area

Technical Analysis

Author: Greg Michalowski | usdcad

The pair moves close to the 50% midpoint of the move up from the March 2 low

The USDCAD has moved to a new session low and in the process has moved below a lower channel trend line and the high of the next target area. That area encompasses a low at 1.3960 and high of 1.4016. Between that area sits the 50% midpoint retracement at 1.39904. That is the 50% of the March trading range which went from a low of 1.33142 to a high of 1.4666 (1352 pips for the month).  The low just reached 1.4009

The pair moves close to the 50% midpoint of the move up from the March 2 low
We are seeing a bounce as I type. The underside of the broken trend line at 1.4064. That is close risk for sellers looking for more downside. For the dip buyers, getting above that level would also give some comfort as well. 
  
ForexLive
By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose