USD CAD fell ahead of forex market
12/14/2016 9:17:36 AM
The USD/CAD pair after taking a session high at 1.3140 level in FOREX market, jogged over fresh offers and has now fell to fresh session low.
Presently trading descendent for the 6 succeeding session, around 1.3113 area, the pair unsuccessful to gain any break from a corrective slide in oil prices, which tends to dent demand for the commodity-linked currency - Loonie, although has helped it to defend 1.3110 handle for the time being.
On a continued decline below 1.3110 handle, the pair is likely to head towards testing the very important 200-day SMA support near 1.3077 area. On the other hand, conclusive move above 1.3145 immediate persistence now appears to cause a short-covering rally immediately towards 100-day SMA persistence near 1.3200-1.3210 area with some intermediate persistence near 1.3170 level.
Forex Fundamental Analysis
Written by FxErvin