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USD/CAD dented on selling strong pressure

FXStreet (Guatemala) - USD/CAD is trading at 1.0926, up 0.09% on the day, having posted a daily high at 1.0940 and low at 1.0901.

USD/CAD’s stall in the mid-1.09 area coincides with noted retracement resistance and the top of the June/July congestion band. Strong selling pressure off the high yesterday leaves a clear “dent” in the bullish USD/CAD picture on the daily chart but we are not yet convinced the mid-week sell-off signals anything but a temporary bump in the road towards a higher spot rate.
We noted support in the mid 108 area on the shorty-term chart, above, and that is reinforced by the 200-day MA on the daily chart. We still rather think modest USD/CAD dips are a buy.

USD/CAD Levels

Current price is 1.0927, with resistance ahead at 1.0931 (Hourly 100 SMA) and 1.0961 (Monthly High). Next support to the downside can be found at 1.0925 (Hourly 20 EMA) 1.0910 (Yesterday's Low) and 1.0901 (Daily Low).

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