FxWirePro: USD/CAD below the 1.3000 handle, broad based USD sell-off weighs
Thursday, July 23, 2015 9:54 AM UTC
- USD/CAD was up rose around 0.70% on Wednesday, hitting new multi-year highs at 1.3055
- CAD was pressurized by 3.25% fall in WTI and the prospect of deeper falls in oil prices
- Today the pair is back below the 1.3000 handle, currently trading at 1.2985, slightly paring loses from day's low by 1.2959
- Broad based USD sell-off on a bout of profit-taking weighing on the pair
- Long-term uptrend intact and a close below 1.2897 (10 DMA) needed to undermine uptrend
- Major resistance is seen at 2009 and 11-year high at 1.3066, decisive break then targets 1.3470 (61.8 Fibo of 1.6195/0.9060)
- Markets focus on Canada's retail sales and jobs data from the US for further momentum in the pair
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