USDCAD: Bearish Momentum Persists
USDCAD trades flat today at 1.3191 as traders continue to dump the US dollar after the dovish minutes from FED last Wednesday. The Canada’s Loonie got an extra boost from WTI crude oil rally above $57 per barrel as the geopolitical tensions increase. USDCAD traders will closely follow the discussions in G20 meeting later this week for developments in China – USA trade war tensions. In macro data from Canada we await the wholesale sales data at 12:30GMT.
Bears are in full control as the pair trading below all the major daily moving averages. First support stands at 1.3150 the recent low while more bids will emerge at 1.31 mark. A positive sign is that the pair managed to rebound up to 1.3190 after failed to break the 1.3150 zone. Immediate resistance for the pair stands at 1.3229 the 100 hour moving average while a break above might trigger some aggressive buying, sending the pair to the next resistance at 1.3356 the 100 day moving average.