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USD/CAD back into bearish trendline

FXStreet (Guatemala) - USD/CAD is trading at 1.0897, down -0.04% on the day, having posted a daily high at 1.0920 and low at 1.0859.

USD/CAD is back into the directional trend line post a volatile period between 1.0860 and 1.09.20. Shaun Osbourne, Chief FX Strategist at TD Securities noted the recent consolidation around 1.0920/90 is clearly at an inflection point and, although they remain USD/CAD bulls, he said it is hard to hold a strong conviction for pair either side of 1.09 in the short term.

USD/CAD hourly levels

Current price is 1.0897, with resistance ahead at 1.0902 (Weekly Low), 1.0903 (Daily Classic PP) and 1.0918 (Hourly 100 SMA). Next support to the downside can be found at 1.0882 (Daily Classic S1), 1.0872 (Daily 20 SMA), 1.0870 (Daily 100 SMA) and 1.0867 (Weekly Classic S2).

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