Low from Friday at 1.27188. Low from last week at 1.2706
The USDCAD has moved down to test last Friday's low at 1.27188. The low just reached 1.27192 and bounced. The prices back trading at 1.2741 as I type.
Last week the low price came in at 1.2706. That move took out the the swing low going back to April 17, 2018 at 1.25270. The price of the USDCAD also moved below that swing low on Friday but also failed. Today's break is the third separate try. Each has failed. Buyers are trying, but can they do more on the corrective move higher now?
What now?
Looking at the hourly chart, support at 1.2725, 1.27188 and 1.2706.
On the topside, targets are a topside trend line that cuts across at 1.27603 currently (see green numbered circles in the hourly chart above).
Above that are swing lows at 1.27677 and then the 100 hour moving average at 1.2775 would be eyed. Getting above each are essential if the buyers are to take back more control from the sellers.
NOTE that on Friday, the pair moved above the 100 hour moving average and the topside trend line, but quickly failed (kept the old trend line on the failed break).
