- Canadian dollar continues under pressure against the backdrop of increasing selling interest around crude oil, crude futures hit 6-1/2 lows today.
- Hourly price action dips below the cloud and Stochs and RSI are biased lower
- USD/CAD is currently trading at 1.3039, with immediate resistance at at 1.3083 (Tenkan, High Aug 14) ahead of 1.3158 (high Aug 12).
- On the other hand, a breakdown of 1.3043 (low Aug 14) would open the door to 1.2952 (Daily low Aug 12). kijun line lends good support at 1.2934.
- Canadian Manufacturing sales due later in the day and slew of US data awaited for further direction.
R1: 1.3083 (Tenkan, High Aug 14)
R2: 1.3158 (Daily High Aug 12)
R3: 1.3182 (Daily High Aug 10)
Support Levels:
S1: 1.3043 (low Aug 14)
S2: 1.2952 (Daily low Aug 12)
S3: 1.2940 (Daily Low Jul 31)
S4: 1.2934 (Kijun-Sen)
