Technical Analysis

New lows for the USDCAD as oil moves back above $120


USDCAD has a lower low for 9 consecutive days

The USDCAD is trading at a new low. The price will below the low from yesterday at 1.25344 and has reached 1.25239 so far.

The pair has not traded to a new intraday low for the 9th consecutive day.

Looking at the daily chart, the next major target area from that chart comes between 1.2442 and 1.2462. Below that the April low at 1.2402 (lowest level since November 10) would be the next target. There is still a ways to go before those levels are reached.

Helping the move to the downside is crude oil which is trading back above the $120 level (higher oil can help push up the CAD). The low price for the day at $117.14 came in the last hourly bar but bounced off its 100 day moving average. The price is up nearly $3 higher from that low level just an hour or so ago.

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