November lows become next targets for a break
The USDCAD is down again and is testing the day’s low at 1.2942. This low was reached during the morning session in London before rebounding higher towards the 100 hour moving average.
The New York session sees more downward choppy price action pulling the price down to test the close.
Remember yesterday, the low price saw the price expand below a lower trendline on the hourly chart and also below the low price from November 9th at 1.29274. However, this break failed and the price of the New York session increased. The pair experienced an end of day surge that pushed the price above the 100 hour moving average. However, in the first hour of trading in the Asian session, the price started to move lower.