- USD / CAD failed again at 1.3350 and reversed direction.
- Rise in stocks weakened the dollar, DXY testing levels below 94.00.
- Oil cuts losses and WTI is approaching 36.00.
USD / CAD extended the pullback and fell below 1.3275 to 1.3256, the lowest level since last Wednesday. The price remains in the area of the lows, with the bearish tone intact, correcting after having approached 1.3400 last week, the maximum in a month.
The setback had as a factor behind the dollar weakness before an advance of the bags in the world. The better mood in the markets weakened the dollar. In the last minutes, the rebound in the price of oil was added to this. The WTI is trading at $ 35.80, in neutral ground for the day after having fallen hours ago to $ 34.00.
Market sentiment improved on PMI data from China and Europe. Now it will be the turn of USA with PMI Markit and ISM manufacturing. In any case, the data could have a null impact considering that Tuesday will be the US presidential elections.
From a technical point of view, very short term bias in USD / CAD is bearish as long as it remains below 1.3275. In case of returning above, the pressures would be relieved. On the downside, the next supports are seen at 1.3235 and 1.3200.
Credits: Forex Street
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