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Also testing the February low of 1.32015
The USDCAD is trading near its lows after falling below the low from Friday at 1.32053 and also the swing low going back to February 2020 at 1.32015. That’s the bearish news. The not so bearish news is that the low price reached 1.31939 which was just above the Thursday low of 1.31913.
There is a battle going on with the recent swing lows and the older February swing low as battle lines for the buyers and sellers.
Drilling to the hourly chart below, the high price on Friday and high price today were able to stay below the 100 hour moving average. Bearish.
Also bearish today is the move back below the 1.32288 to 1.3233 area. That area is defined by swing lows from August 5 and August 12 and 13th (and other levels see red numbered circles). The prices traded below and above that level since August 13. Nevertheless staying below that level would keep the bears more in control with hopes for a break of the low from last week opening the door for further downside momentum.