Skip to main content

USD/CAD finally cracks downside support

Yesterday a rebound in the USD/CAD saw it spike to 1.3765 ahead of the 4pm London fix. However, it was not able to hold the gain, as oil prices rebounded more than $3 off their earlier lows. The USD/CAD later closed in the US at 1.3687, which was its lowest daily close of the week so far. It was noted here a few days back; that the downside for the US dollar still looked vulnerable, when analysing the charts. Well, as if to endorse that, the USD/CAD has fallen back further today and in the process of doing that, it has busted below a noted support level, that had been capping prior downside moves. That is the 50 day moving average and since my last update it has risen again and today it is in place at 1.3673. Well, the USD/CAD has taken that out now, because it has fallen to a fresh interim low this morning, at 1.3651. That low is also underneath the low set on November 15 (1.3655). Granted, it has just lifted off that low right now, but all the time the price remains camped under 1.3673 further downside pressure is possible. The USD/CAD is just now trading at 1.3664

Ready to Get Started?

Start here. Join 2.9M Libertex users around the world!