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USD/CAD plummets to 4-week lows

FXStreet (Córdoba) - The USD/CAD tumbled in the last hours and extended losses; recently bottomed at 1.0828 reaching the lowest price since Jul 29. Since the beginning of the day the pair lost more than 120 pips and is having the worst daily performance in years.

“Technically, It looks as though a medium-term top is in place with the loss of 1.0855/60. Sellers are seen on rallies now to that level”, says Jamie Coleman from FXBeat.

According to Coleman next support is seen around 1.0807, where the 50% Fibonacci retracement of the rally from 1.0615 to 1.0997 lies.

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The Loonie is the best performer on Wednesday, after jumping across the board during the American session. The NZD/CAD trades below 0.9100 at the lowest since February while the EUR/CAD broke below 1.4300 reaching levels last seen in November 2013.

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