USD CAD in Forex market trading news
8/2/2017 11:48:43 AM
The USD/CAD pair expanded its recovery move from 24-month lows touched recently and flew to near two-week tops, around the 1.2577-85 area.
The pair has now moved beyond 1.2566-77 immediate hurdle and even ignored a quiet dollar action, with weaker commodity prices.
Immediate persistence is fixed near the 1.2605 handle, above which the recovery move could more get expanded towards 1.2644 intermediate horizontal persistence on the way 1.2703 round figure mark.
On the other hand, mid-1.2505s now becomes an instant support to protect, which if broken could pull the pair back towards the 1.2505 handle ahead of 1.2477-88 horizontal support.
FOREX market analysis by FxErvin.