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14 May 2015
USD/CAD reaches 1.2000
FXStreet (Córdoba) - USD/CAD bounced from a 4-month low during the American session, as the greenback staged a mild recovery across the board and the loonie was weighed by the fall in oil prices.
USD/CAD tested twice the 1.1920 support area on Thursday but found buyers and climbed more than 80 pips and scored a daily high of 1.2004. At time of writing, the pair is trading at the 1.1995 zone, recording a 0.33% gain since opening.
USD/CAD technical perspective
“An erratic trading session yesterday with USD/CAD testing key technical support level of 1.1930. Funds briefly breached below in the overnight session and continues to trade with a heavy tone”, said the TD Securities team. “A sustained break below support would open up downside potential to the 1.1850/70 area. Below that, there isn’t strong support for another 2-big figures lower”.
USD/CAD tested twice the 1.1920 support area on Thursday but found buyers and climbed more than 80 pips and scored a daily high of 1.2004. At time of writing, the pair is trading at the 1.1995 zone, recording a 0.33% gain since opening.
USD/CAD technical perspective
“An erratic trading session yesterday with USD/CAD testing key technical support level of 1.1930. Funds briefly breached below in the overnight session and continues to trade with a heavy tone”, said the TD Securities team. “A sustained break below support would open up downside potential to the 1.1850/70 area. Below that, there isn’t strong support for another 2-big figures lower”.