USDCAD inches out a new low for the day (ok it was only a pip but it was a new low)

Technical Analysis

Author: Greg Michalowski | usdcad

And why not...

The USDCAD reached a new low for the day as the clock ticks to the close for the week. Ok it was by only 1 pip (at least so far), but it was a new low.   And why not...

Canada survived the steel and aluminum tarriffs this week - being declared exempt at least for a time period.  Also, the stocks are off and running on the back of growth and low inflation.   Happy days are here again and that means risk on and moves into the commodity currencies.

We will see what next week brings for this pair. Will the price get below the 50% retracement? That is always a key barometers for bias.  Regardless,the cracking of the 200 hour MA and the trend line on the hourly chart above, were both steps in the bearish direction and traders took advantage of that bearish move today. 
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