USD CAD trading in new session
9/30/2016 1:13:10 PM
The USD/CAD pair appended to Thursday's recovery strength from below 200-day SMA and is now trading at a fresh session high near 1.3170 region.
Keeping its high degree of association, a profit-taking fall in crude oil prices is seen weighing on the commodity-linked currency, loonie. Furthermore, the common risk-off sentiment around European equity markets, among renewed Deutsche Bank jitters, is driving investors towards the perceived safe-haven currencies - like the USD and JPY.
A follow through buying interest above 1.3185 level should help the pair to regain 1.3200 handle and head towards its next persistence near 1.3225 area. On the downside, only a weakness below session low support near 1.3140-35 region would disprove the bullish bias and turn the pair at risk to break through 1.3100 round figure mark and retest the very important 200-day SMA support near 1.3070 region.