- The Canadian dollar fell on several fronts after the start of the American session.
- USD / CAD return above the 20-day average.
The USD / CAD extended the rebound from a low of almost two weeks and climbed to 1.2761, reaching a new high for the day, on the eve of the formal opening of Wall Street. The loonie has shown some weakness in recent hours on almost all fronts.
The pullback in oil prices, with WTI snapping a six-day streak of gains, It may be affecting the CAD, which in the last three hours has been one of the worst performing currencies on the market.
Although the dollar stabilized in the market after falling steadily since the American session on Monday, the rebound in USD / CAD was very pronounced reflecting the weakness of the loonie.
The rebound of USD / CAD has brought the price back above the 20-day moving average (1.2745). If the next strong resistance continues to rise, it can be seen at 1.2785 followed by 1.2830 (bearish line). In the opposite direction, a return below 1.2735 would again put pressure on the recent bottom at 1.2710.
Technical levels
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