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USD/CAD hits fresh lows below 1.1000

FXStreet (Córdoba) - The loonie gained momentum across the board during the American session and hit fresh daily highs. USD/CAD failed to hold above 1.1000 and pulled back. Recently broke below 1.0960 and bottomed at 1.0951, hitting the lowest price since last Friday and remained near the lows, holding under relevant short term support levels.

The Canadian dollar is rising against Greenback for the first time since last Thursday and retreating further after trading yesterday at the lowest price since April (highest for USD/CAD).

USD/CAD medium term outlook

Accoridng to the Research Team at TD Securities, USDCAD has traded to marginal new cycle highs, significantly above the 200 daily moving average this week and they note that short-term trend momentum studies are more positively aligned “but there are some clear alarm bells surrounding price action in the past 24 hours, with the formation of a bearish “shooting star” candle.

“There is a high degree of uncertainty in the market at the moment, which is reflected in the near unchanged level of funds from the open currently. It’s not obvious to us from the recent price action that there is a lot more upside in the USD at present; we still prefer the idea of near-term weakness in USDCAD followed by longer-term gains”.

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