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.

Matías Salord FXStreet

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.

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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