USD CAD Improved part of its failure in Forex market
7/31/2017 6:55:41 PM
The USD/CAD pair succeeded to rebound the 1.2423-18 several month lows support and the pull-back could be solely attributed to a modest USD recovery, which appears to have provoked traders to reduce some of their bearish bets.
Immediate persistence is fixed near the 1.2506 handle, above which the pair is probable to aim towards exceeding the 1.2568-76 important horizontal barrier and reclaim the 1.2605 handle. On the other hand, 1.2432 area stays an immediate strong support to defend, which if broken conclusively has the potential to continue dragging the pair more towards 1.2347 intermediate support on the way 1.2315 handle.
FOREX market analysis by FxErvin.