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USD/CAD finding support after dumping a cent

FXStreet (Guatemala) - USD/CAD is trading at 1.1229, down -0.67% on the day, having posted a daily high at 1.1328 and low at 1.1190.

The USD/CAD has dumped over a cent, while analysts at TD Securities explained that the pair may start to find support in the low 1.12 area after this morning’s slide below congestion (now resistance) in the mid/upper 1.12 area. “Short-term trend momentum is picking up bearishly, so the market is likely to remain biased to the downside in the short
run at least”.

As with the general beat of the rum, the dollar is being questioned and scrutinized in respect of whether it can sustain a rally in a disinflationary environment around the globe and how slower growth might impact the US economy and the Feds interest rate policy going forward. “A quick move back above 1.1270 would be a positive for the USD but that looks a big ask at this point”, explained the analysts at TD Securities.

USD/CAD noteworthy levels

Current price is 1.1230, with resistance ahead at 1.1241 (Daily Classic S2), 1.1274 (Daily Classic S1) and 1.1283 (Hourly 20 EMA). Next support to the downside can be found at 1.1226 (Weekly Classic S1), 1.1193 (Daily Classic S3) 1.1176 (Weekly Classic S2) and 1.1166 (Monthly Low).

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