Canadian dollar has gained further momentum against the greenback, as BOC governor Carney stated that inflationary pressures have firmed up recently, holding an overall hawkish stance. With dollar being sell off across the board, the pair stands near 0.9800, with a strong bearish tone according to the hourly chart, as indicators head south, retreating from their midlines, while 20 SMA holds a strong bearish slope above current price. With no much volume at this time of the day, renewed selling pressure can push the pair near 0.9780, past September 16th low, and once below, continue towards 0.9720, next strong static support.
Immediate resistance comes at 0.9820, past Wednesday low, yet only steady gains above the key 0.9840 could reverse the bearish tone the pair has. Bias will remain bearish as long as below this last.
Immediate resistance comes at 0.9820, past Wednesday low, yet only steady gains above the key 0.9840 could reverse the bearish tone the pair has. Bias will remain bearish as long as below this last.
