USDCAD moves to lowest level since Feb 27
The price of USDCAD have moved lower after the larger than expected draw in inventories in the current week. The price of Crude is trading up $1.96 or 3.37% at $59.80. The high for the day is up at $59.93.
Looking at the daild chart, the price for the USDCAD is approaching the 61.8% of the move from the Oct. 2018 low to the December 2018 high at 1.31187. That is near the lows from Feb 25 and Feb 27 at 1.3112-17 respecitively. THe low just reached 1.3129. The 2019 low for the USDCAD reached 1.3068 on Feb 1.
Drilling to the hourly chart below, the close risk wil be at the 1.3151 area. The low from June 20 and yesterday stalled at that level. Today, the pair has tried on 3 hourly bars to break that floor only to fail. This is the 4th look today. Traders will not welcome a 4th failure. Risk for shorts now.