USDCAD trades to a new low. Trades into a swing arear from end Aug/early Sept

The USDCAD has reached a new session low as it trends to the downside today.  That low is now reach 1.30359.  The move to the lows as taken the price into a swing area defined by lows from the end of August to early September. That swing area comes between 1.3035 and 1.30464.  A move below would open the door toward the August 31 and September 1 lows at 1.3019 and 1.29936.

Drilling to the 5 minutes chart, the pair initially move higher before reversing back below the swing high price from the last hour so trading yesterday at 1.31462. After using that level as a ceiling (see red numbered circles), sellers push the price lower in the early North American session.

The 38.2% retracement of the last trend moved lower comes in at 1.30748. That is now close resistance. 

For bank trade ideas, check out eFX Plus