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FxWirePro: USD/CAD downside pressure builds, key support level in focus

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FxWirePro- Woodies Pivot(Major)

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FxWirePro: USD/CAD edges lower from session highs at 1.3016, strong support seen at 1.2934

Thursday, August 13, 2015 11:49 AM UTC

Dovish shift in Fed expectations post PBOC weighed on USD Wednesday
USD broadly stronger today after PBOC's Yi Gang comments on the yuan returned risk-on in the markets
USD/CAD rebounded from yesterday's 1.2952 base, touched session highs at 1.3016 before edging slightly lower to 1.3004
Strong support is seen by Kijun-Sen at 1.2934, while 1.3040 21 DMA is the next immediate hurdle
Canadian new house price index and US retail sales data due later in the day will provide further direction to the pair

Resistance Levels:

R1: 1.3040 (21 DMA)

R2: 1.3083 (Tenkan-Sen)

R3: 1.3158 (Daily High Aug 12)

Support Levels:

S1: 1.2952 (Daily low Aug 12)

S2: 1.2944 (Daily Low Jul 30)

S3: 1.2934 (Kijun-Sen)

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FxWirePro: USD/CAD edges lower from session highs at 1.3016, strong support seen at 1.2934

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