Pair trades to the lowest level since September 1
The USDCAD has taken out the low from yesterday at 1.30277 and in the process is trading to the lowest level since September 1. The low on that day reached 1.29934. The low price just reached 1.3021. Should the price fall below the low on September 1, it would take the price to the lowest level since the first week of the year. The low price for the year reached 1.2956. The December 31 low reached 1.29499.
Drilling to the 4-hour chart, the recent low did test some swing lows ahead of the September 1 low at 1.3021. Often times, a low is reached and before and after there are a higher level that stalls the fall. The 1.3021 level is that level for the USDCAD. A higher swing area comes in at 1.3035-464 and that too will be eyed now on a bounce. Get back above, and there could be further upside probing (see yellow area in the chart below).
