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.

Rajan Dhall, MSTA FX Daily

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.

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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