Forex: USD/CAD hits new lows below 0.9900

FXstreet.com (San Francisco) - Intraday price action today has set a new 3-month low for USDCAD, extending its decline to lows below the 0.9900 figure, touching 0.9885 on the back of a well bid Canadian dollar this Wednesday. Price continues to maintain a negative bias, and if the bear pressure persists, support lies at 0.9850 (3 June 2011 high) then 0.9803 (27 April low). Bulls are watching closely as the Daily RSI tags the oversold 30 level, the underlying trend bias is keeping USDCAD top-heavy while moving averages are turning bearish. The pair is trading quietly at 0.9890 at the time of writing.