23 Jul 2013
USD/CAD falls to 5-week low
FXstreet.com (Córdoba) - The USD/CAD slumped to a fresh 5-week low during the American session as the greenback came under pressure across the board.
USD/CAD falls below 1.0300
USD/CAD broke below the 1.0300 psychological level and stretched to a low of 1.0284 before finding support and recovering slightly. The Canadian dollar had received a boost earlier in the session after domestic retail sales for May came in much stronger than expected. At time of writing, USD/CAD is trading around 1.0295, where it records a 0.3% loss on the day.
USD/CAD: Downside vulnerability remains intact
From a technical perspective, "Downside vulnerability remains intact on correction as USDCAD is selling off and looks to extend further weakness", says Mohammed Isah, analyst at FXTechstrategy. According to the analyst a break below 1.0300 will aim at 1.0250 level and then the 1.0200 level. "Alternatively, USDCAD will have to break and hold above the 1.0441/70 levels to annul its bear threats".
USD/CAD falls below 1.0300
USD/CAD broke below the 1.0300 psychological level and stretched to a low of 1.0284 before finding support and recovering slightly. The Canadian dollar had received a boost earlier in the session after domestic retail sales for May came in much stronger than expected. At time of writing, USD/CAD is trading around 1.0295, where it records a 0.3% loss on the day.
USD/CAD: Downside vulnerability remains intact
From a technical perspective, "Downside vulnerability remains intact on correction as USDCAD is selling off and looks to extend further weakness", says Mohammed Isah, analyst at FXTechstrategy. According to the analyst a break below 1.0300 will aim at 1.0250 level and then the 1.0200 level. "Alternatively, USDCAD will have to break and hold above the 1.0441/70 levels to annul its bear threats".