USDCAD tests lower trend line and November low

Technical Analysis

Author: Greg Michalowski | usdcad

November 9 low comes in at 1.29274. Trend line cuts across at 1.2930

November 9 low comes in at 1.29274. Trend line cuts across at 1.2930_
The USDCAD is down testing a lower trendline at 1.2930 and the low price from November 9 at 1.29274.  The two levels could give sellers some cause for pause.  

The USDCAD traded Friday and today above and below a swing area between 1.29842 and 1.29894.  In the early European session, the sellers started to take more control and pushed the price to the downside. The pair has seen 8 and last 9 hours show hourly bar declines. 

A move below the November low will take the price to the lowest level since October 2018.
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