Trend move lower continues today
The USDCAD has continued the trend move lower and is now trading at the lowest level for the day. The the pair took out the previous low at 1.26048 and has now reached 1.25943.
The pair today has also broken below the low from Tuesday trade at 1.2609 (see the hourly chart above) and is getting closer to the low from 2021 at 1.25874. That low represents the lowest level since April 2018. Get below will target the low from that month at 1.2527.
With the pair below the low for the week, but above the low for the year, each represents the shorter term bias defining levels. Move below the low for the year, and we should see more downside momentum. Whereas a move back above the 1.2609 should see some short covering flow with 1.26231 another target to get to and through.