USD CAD falling back to low rates in forex market
2/9/2017 11:53:43 AM
During FOREX market activities, the dollar preserves its progressive tone complete against CAD on Thursday, taking USD/CAD to the 1.3157 band for now.
The pair progressed to fresh daily highs in the neighborhood of 1.3167 during overnight trade, losing some momentum afterwards and falling back to the current mid-1.3105s.
The current Bull Run to levels beyond 1.3190 figure required of follow through, though spot appears to have found quite decent support in recent lows around the 1.3144 area, increases at the same time by the 180- and 18-day sma.
As of writing the pair is purchase 0.073% at 1.3155 and a breakout of 1.3218 would aim for 1.3273 and ultimately 1.3313. On the downside, the next support is placed at 1.3124 seconded by 1.3136 and then 1.3074.
FOREX market analysis by FxErvin.