USD/CAD retreats further and tumbles to 1.3000
|- USD/CAD reverses sharply and drops to 1.3005, signaling more losses.
- DXY drops from 95.40 to 95.10 while gold prices jump back above $1220.
A decline of the US Dollar across the board pushed USD/CAD further to the downside. The pair dropped from 1.3065 to 1.3005, hitting a fresh low. Price was holding at the bottom. Earlier today, it peaked at 1.3117, the strongest level in two weeks but failed to hold on top of 1.3100.
From day’s highs, USD/CAD lost now more than a hundred pips making a significant reversal that could point to more losses for the next sessions. Attention turned to 1.3000 and below to the weekly low at 1.2960.
The dramatic move is taking placed despite the decline of 3.70% in crude oil prices. Regarding NAFTA, recent reports mentioned that Canada could join talks next week. Currently officials from Mexico and the US are negotiating.
USD/CAD Levels to watch
To the downside, immediate support is seen at 1.3000, and then at 1.2960 (weekly low) and 1.2915. On the flip side, 1.3040 is again a resistance area, followed by 1.3095 (Jul 31 high) and 1.3130.
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.