Forex: USD/CAD touches 3-month low
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USD/CAD
FXstreet.com (Córdoba) - The Loonie rose against its US counterpart on Tuesday and reached an over 3-month high, underpinned by market positive sentiment and stocks and oil gains.
USDCAD fell to its lowest level since May 3 at 0.9841 during the New York session as the greenback continues to lose ground versus most competitors. At time of writing, USDCAD is quoting at the 0.9850 area, 0.3% below its opening price.
From a technical view, the 1H USDCAD chart shows a market maintaining the bearish stance and price action broke below last week's consolidation rising trendline, according to Fan Yang, analyst at FXTimes.
"A swing projection targets 0.9830. As the market digs lower, we should monitor the 0.98-0.9830 area for support. The 0.98 level was the 2012-low, and support pivot from which a rally to 1.0445 developed through the month of May", says Yang. "Also the Daily RSI will be below 30, showing at least oversold condition for the very short-term".
USDCAD fell to its lowest level since May 3 at 0.9841 during the New York session as the greenback continues to lose ground versus most competitors. At time of writing, USDCAD is quoting at the 0.9850 area, 0.3% below its opening price.
From a technical view, the 1H USDCAD chart shows a market maintaining the bearish stance and price action broke below last week's consolidation rising trendline, according to Fan Yang, analyst at FXTimes.
"A swing projection targets 0.9830. As the market digs lower, we should monitor the 0.98-0.9830 area for support. The 0.98 level was the 2012-low, and support pivot from which a rally to 1.0445 developed through the month of May", says Yang. "Also the Daily RSI will be below 30, showing at least oversold condition for the very short-term".
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