USD/CAD appears set to extends its decline [Video]
|
Key resistance held following Powell’s testimony and USD/CAD is now trying to extend its bearish trend, in line with our core view.
Going into Wednesday, it looked equally balanced between a near-term bullish reversal on the intraday charts, versus a sell-off from current levels. Even if it had popped higher, we saw the upper bounds of the bearish channel as worthy into fading it, given the underlying strength of the daily trend. Yet the clear rejection of 1.3145 puts it back into bearish hands who appear ready to break to new lows.
We’re light on USD/CAD specific news, other than US producer prices but it would have to be a fairly strong beat for USD/CAD to take notice at this stage.
-
A clear break of 1.0330 brings the October low into focus
-
We remain bearish whilst it trades beneath 1.3145.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.