USDCAD tests the day's low

Technical Analysis

Author: Greg Michalowski | usdcad

The November lows become the next targets on a break

The USDCAD is back down and testing the day's low at 1.2942. That low was reached in the London morning session before bouncing back higher toward the 100 hour moving average.

The USDCAD is testing the days low

The New York session is seeing more of a downward choppy price action taking the price back down to test the close. 

Recall from yesterday, the price low saw the price extend below a lower trendline on the hourly chart and also below the low price from November 9 at 1.29274. However that break failed and the price spent the New York session rising. The pair saw a late day surge that push the price above the 100 hour moving average. However, in the 1st hour of trading in the Asian session, the price started to rotate back to the downside.  

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