Falls below the low from last week at 1.2706
The USDCAD is trading to a new 2020 low. The prior low was reached last Thursday at 1.2706.
Look at the daily chart, the pair is trading at the lowest level since April 20. 2018. The next key swing low is down at 1.2527. A lower trend line on the daily chart comes in above that level at 1.2588
Drilling to the hourly chart below, a lower trendline on the hourly chart cuts across at 1.2652 (and moving lower). That is still a bit a ways from current levels, but sellers are still in control. They held resistance against the 100 hour moving average earlier today and cut below the swing lows from Friday and yesterday near 1.27188. That level is a close risk level for intraday traders.
More conservative risk comes in at the 100 hour moving average (blue line currently at 1.27625. The 1.27677 level is also a key resistance level. That was swing lows on December 7 December 8 and December 9.
