USDCAD
USDCAD on the hourly chart

The USDCAD has moved to new session low in the North American session. The new lows have moved into a swing area between 1.2463 and 1.24724. The low price just reached 1.24671. The area held on the first look.

The move to the downside has not been without its "tries" in reversing back higher which has helped pave the way lower for the USDCAD pair today.

  • In the early hours of trading, the price moved back above its 200 hour moving average (green line), but could not sustain momentum (see green lines)
  • In the London morning session, the price moved back above its lower 100 hour moving average (blue line), but again could not sustain any upside momentum in the price moved back lower.

The buyers had their shots. They missed.

A move now below the swing area low (below 1.24631) would take the price into the lower extreme from last week which saw the price action stall at 1.24286. That low would be the next downside target on further downside momentum.

If the price can base against the swing area and move higher from here, ahead of a move back above the 100 hour MA, a move above the earlier low for the day at 1.24839 would be give short term sellers some cause for pause that swing area support held and with it, the momentum to the downside.