USDCAD Positive Momentum Intact
USDCAD trades 0.06 percent higher at 1.3138 in positive momentum having the daily high at 1.3146 and the daily low at 1.3124. USD continues to attract bids as investors have cut their interest rate cut expectations to 25 basis points by Fed next week. United States MBA Mortgage Applications came down to -1.9% in July from previous reading of -1.1%.
USDCAD hit fresh 9 month lows at 1.3017 amid USD weakness across the board as markets discount a 50 basis point cut by FED at the end of the month policy meeting.
Bulls took control in the short term as the pair trading above all major hourly moving averages. First support stands at 1.3124 the daily low and then at 1.3091 the 100 hour moving average. Immediate resistance for the pair stands at 1.3146 the daily high, and then at 1.3253 the 50 day moving average. Long positions are safe as long as the pair trades above the 1.31 mark.Don’t miss a beat! Follow us on Twitter.