USDCAD falls to a new session low

Technical Analysis

Extends toward a swing level at 1.2078.

The USDCAD has fallen to a new session low on the day after finding sellers near a swing area between 1.21297 to 1.21355.

Recall from last Thursday the price based at the 100 hour MA, moved through the 38.2% of the last move lower at 1.21617 and above the 200 hour MA (green line in the chart above).  The break above the 200 hour MA was the first look above that MA since April 21. That was a big fail, and the 200 hour MA became resistance on Friday before moving lower. The pair closed below its 100 hour moving average 1.2121.

Today, the pair moved back above that 100 hour moving average level, but stalled near a swing level between 1.21297 and 1.21355 (see red numbered circles).  In fact that level was tested twice, and found sellers each time.

The last run to the downside has taken the price to a new session low. Next key target comes in at the 1.20781 to 1.2083 area (see green numbered circles).   

Move below that area, and the swing low from 2017 at 1.20612 (see weekly chart below) would be the next target. Below that, and the low from last week at 1.20447 would be targeted.   A move below 1.20447 would take the price to the lowest level since May 2015.

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