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USD/CAD hits fresh lows below 1.1350

FXStreet (Córdoba) - USD/CAD broke below 1.1365 and dropped to 1.1331, reaching a fresh daily low and moved toward yesterday’s lows that lie at 1.1299. The pair holds a bearish tone.

Greenback weakened across the board after Wall Street opening bell and recently printed fresh lows and only remains with gains versus the yen.

USD/CAD released at 1.1400

During the European session USD/CAD climbed to 1.1400, hitting the strongest level since last Friday, but the area around 1.1400 capped the upside. Afterward the pair reversed sharply and since then dropped more than 50 pips.

“The offered tone for USDCAD we expected to prevail yesterday has quickly evaporated but the USD-negative price signals that we noted on the daily charts from last week remain intact and suggest that although USDCAD has bounced over the last 24 hours, gains may not extend too far for the moment”, said analysts from TD Securities.

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