- The dollar weakens in the preview of the American session and US data.
- Several currency pairs break ranges of several hours before the dollar falls.
After spending the Asian session in a narrow channel around 1.2700, the USD / CAD broke lower and fell to 1.2662, the lowest level since January 22. It remains in the area of ​​the lows, with some downward pressure due to a general decline in the dollar.
Fall of the dollar ends general consolidation
After several hours with side tours, the main crosses of the currency market broke calmly before a decline in the dollar. The dollar index (DXY) is about to test Wednesday’s low, below 90.30.
The decline in the dollar led to the lows on several fronts and is also being accompanied by a rise in metals. Oil is stable with WTI trading around $ 58.31.
The focus is on what happens in Wall Street and with the bond market in the next few hours. In the US, the report of requests for unemployment benefits will be published.
The bearish tone is strong at the moment in USD / CAD. A confirmation below 1.2660 / 65 would point to a bearish extension. The next support is located at 1.2620, which protects 1.2600 and the low of this year at 1.2589. On the upside, 1.2675 is now immediate resistance. A rally over 1.2710 / 15 would ease downward pressures.
Technical levels
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