USD/CAD under pressure this morning with support levels in focus
|- USD/CAD sells of this morning as commodities push higher.
- The price action has made a lower low and lower high on the four-hour chart.
USD/CAD is moving swiftly lower this morning even as the greenback holds firm elsewhere.
Commodities currencies are pushing higher as PMI's improve and US and China play nice.
Below is the four-hour chart of USD/CAD and the 1.3139 support level has been broken to the downside.
This now means a new lower high lower low pattern has formed confirming the bearish tone.
Interestingly, the strength in CAD has come as the BoC recently turned dovish following some of the worlds other central banks.
The Fed has also indicated that it will pause cuts and wait for more data before deciding on its next move.
This could mean that longer term there is a cap to the downside moves and the lower support level could be in focus at some stage.
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.