USD CAD Held up its constant recovery
8/4/2017 5:42:14 PM
The USD/CAD pair broke four successive days of winning streak and held up its constant recovery move from 23-month lows.
Now trading around the 1.2561 area, the pair has now retreated all of the tepid gains displayed in the prior session among persistent dollar selling bias.
From current levels, the 1.2554-47 area is likely to act as immediate support, which if broken could speed up the drop back towards the key 1.2503 psychological mark ahead of 1.2479 horizontal support. On the upside, momentum beyond 1.2583-88 zone now appears to boost the pair back above the 1.2611 handle, and 1.2623 area, towards its next major hurdle near mid-1.2604s.
FOREX market analysis by FxErvin.