USDCAD reaches lowest level since January

Technical Analysis

Author: Greg Michalowski | usdcad

Price dips below 1.3200

The USDCAD has reached its lowest level since January and in the process has dipped below the 1.3200 level. 

Price dips below 1.3200
Looking at the daily chart, the price has fallen below the February 21 low at 1.32015.  The low has reached 1.31936 today.  

The pair is still a ways off the low for the year reached at 1.29565 on January 8th.  There is a swing area above that low at 1.30283 to 1.30480 (the price is still a ways away from those levels too). 

Drilling to the hourly chart, the price is testing a lower trendline connecting recent lows from Tuesday and Wednesday at 1.3193. A break below, would increase the bearish bias.  So far, the line is holding (but also staying below the 1.32015 level).

USDCD on the hourly chart

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