USD CAD Fundamental Analysis 1
8/10/2016 11:30:36 AM
The bears extend their control for the third sequential session this Wednesday, with the USD/CAD pair lock-stepping in the move lower seen in the dollar against its six major competitors. Now, the USD/CAD pair fell -0.42% to 1.3064, improving from session lows got at 1.3052 earlier on the day. The major confronted heavy selling pressure above 20-DMA at 1.3115, and dropped nearly 70-pips thereon in Asia, before recovering some ground as we head into the early European morning. The USD/CAD pair was essentially sold-off into broad based USD sell-off, with the USD index now floating near fresh three-day lows of 95.63, recording a -0.40% loss on the day. Furthermore, quiet trading activity seen around the oil prices fails to provide any support to the Loonie, and therefore, additional cooperates to the downside in the CAD pair. To the upside, the following persistence are seen near 1.3120 and 1.3140. To the downside, immediate support might be placed at 1.3012 and below that at 1.2935.