USDCAD FURTHER BEARISH BELOW 1.2623 LEVEL

The U.S dollar has moved to its lowest trading level against the Canadian dollar in over eight-weeks, as commodity related currencies continue to break higher. The USDCAD has so far found intraday support just above the 1.2600 level, but risks further heavy losses after breaking the two-month trading range in the pair. Going forward, the 1.2623 level remains key, with sellers firmly in control while price-action holds below this major technical level. Moving into the U.S session, USDCAD traders will likely focus on rising WTI Oil prices and falling U.S treasury-bond yields.

• The USDCAD pair remains strongly bearish while trading below the 1.2623 level, further losses towards the 1.2579 and 1.2535 levels appear possible.

• Should the USDCAD pair move above the 1.2623 level, buyers may attempt to push price-action back towards the 1.2672 and 1.2710 resistance areas.