USDCAD falls to new session lows.

Trend move lower continues today

The USDCAD has continued the trend move lower and is now trading at the lowest level for the day. The the pair took out the previous low at 1.26048 and has now reached 1.25943.

Trend move lower continues today

The pair today has also broken below the low from Tuesday trade at 1.2609 (see the hourly chart above) and is getting closer to the low from 2021 at 1.25874. That low represents the lowest level since April 2018. Get below will target the low from that month at 1.2527.

With the pair below the low for the week, but above the low for the year, each represents the shorter term bias defining levels.   Move below the low for the year, and we should see more downside momentum.  Whereas a move back above the 1.2609 should see some short covering flow with 1.26231 another target to get to and through. 

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By Jonathan Prop

Jonathan Prop is an independent financial advisor. He has been working in finance for the last 20 years. After retiring early in his 40s, Jonathan decided to help others get to grip with financial markets, particularly his area of expertise - forex!

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