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USD/CAD reverses daily losses

FXStreet (Córdoba) - USD/CAD reversed intraday losses as the dollar regains ground following a corrective phase seen during the Asian session.

USD/CAD briefly dropped below 1.1100 and bottomed out at 1.1070 amid profit taking, but the loonie failed to sustain gains. USD/CAD staged a recovery and hit a daily high of 1.1177 before finding resistance. At time of writing, the pair is trading at 1.1145 little changed on the day.

USD/CAD technical outlook

“USD/CAD has been choppy so far today but the message from the short-term charts remains more negative than anything else”, said the TD Securities analyst team. The convergence of bearish short-term (6-hour and daily) signals is something that we have to pay attention to. At the very least, the USD/CAD rally has stalled and we rather think downside risks may be building; failure at the top of the range usually means a retest of the lower range boundary (mid 1.09s)”.

USD/JPY extends decline to 108.10

The USD/JPY is extending its decline from 108.90 and after falling 80 pips the pair is now testing lows since September 17 at 108.10 amid risk aversion and sell-off in stocks.
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