USD/CAD Extends downside today thanks in large part to further weakness in the DXY. Will tomorrows NFP reignite the bullish price action on USD/CAD?
USDCAD has continued to selloff today following a rejection at the 1.3900 resistance level. The decline in the DXY has helped USDCAD push lower as well in what will be a welcomed by the Bank of Canada and Canadian consumers. In October the Canadian Dollar was the third worst performing G10 currency as it lost ground against the Greenback, the rise in
The Dollar Index continues to struggle at the key resistance area around the 1.0680-1.0720 area. The failure to break higher yesterday was bolstered by themeeting which saw the FED maintain their current policy path and outlook despite robust US data. The result saw market participants pin their hopes on the idea that the Fed is now done with hiking and the next move likely to be a rate cut, with participants now seeing a 70% chance of a rate cut in June of 2024.
Immediate support is provided by the 20-day MA around 1.3720 which hovers just above the recent descending trendline break and support around the 1.3650 mark. Alternatively, if we are to rally higher tomorrow post the NFP release and break above the recent high at 1.3900 then focus will shift to the psychological 1.4000 handle as a key area of resistance.
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