Canadian Dollar Price News and Forecast: USD/CAD slides to 1-month lows
|USD/CAD slides 1-month lows, around 1.3180 region
The USD/CAD pair added to the previous session's post-BoC losses and dropped to near one-month lows, around the 1.3180-75 region in the last hour.
The pair extended this week's rejection slide from a resistance marked by a six-month-old descending trend-line and witnessed some follow-through selling for the third consecutive session on Thursday. Read more…
USD/CAD Technical Analysis: Plummets to fresh 1-month lows, seems vulnerable
The USD/CAD pair extended this week's rejection slide from a resistance marked by six-month-old descending trend-line. The pair remained under some heavy selling pressure for the third consecutive session on Thursday and dropped to one-month lows, around the 1.3165 region in the last hour.
Given the pair inability so sustain above the very important 200-day SMA and repeated failures near the trend-line resistance, the technical set-up favoured bearish traders. The BoC's surprisingly positive tone in the rate statement turned out to be a key trigger for bearish traders. Read more...
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