Filed Under:
Forex pairs in this Article » USD/CAD
FXstreet.com (San Francisco) - The USDCAD continues its decline from dynamic resistance at the 55-day EMA (0.9890) and from resistance at a descending trendline measured from the peak of June 28 to that of July 25.

The bear pressure comes amid CAD demand after a better than expected, seasonally adjusted, Ivey Purchasing Managers Index reading for September. The pair is also weaker this Thursday as the greenback is out of favor across the board.

Price has just traded down to the 0.9800 handle, shedding all gains made over the past four days of trading activity and recording a 0.8% daily loss ahead of the FOMC at the top of the hour, which may encourage further volatility. Stay tuned.
comments powered by Disqus