USDCAD trades to the lowest level since September 2017

Technical Analysis

Author: Greg Michalowski | usdcad

Breaks below the 2018 low price of 1.22445

The USCAD is trading to the lowest level since September 2017. The price today fell below the 2018 low price of 1.22445.  Yesterday the price action stalled just above that level.  The next major target off the weekly chart comes in at 1.20612. That is the low price from 2017

Breaks below the 2018 low price of 1.22445_
Looking at the hourly chart below, a key catalyst for the move to the downside today from a technical perspective was the holding of the 100 hour moving average (blue line) at today's highs.  Sellers leaned against the moving average level, and the price action started to move back to the downside.  If the price can't move above the 100 hour MA and stay above, the sellers remain firmly in control.

Close risk will now be between the 1.22445 low from 2018 and the low from yesterday 1.2251.  Stay below is more bearish. 

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