USDCAD trades to new session lows

The USDCAD is trading to a new session alone in the process is testing a swing area between 1.3494 and 1.35039. Below that is the September 1 low at 1.34889. Get below those levels and traders will start to think about the 200 day moving average down at 1.3464 (green over late line on the hourly chart above).

Close risk will be 1.35039. More conservative risk will probably be around the low price from yesterday’s trade at 1.35202.

Helping the upside is higher oil prices. The price of crude oil is back above the $90 level at $90.12. When the price of oil goes up that tends to help the Canadian dollar (lower USDCAD).

This article was written by Greg Michalowski at Source