USD CAD moved back to weakness
10/12/2016 10:13:21 AM
The USD/CAD pair kept its offered tone among broad based dollar retracement and is now approaching the lower end of daily trading range.
Currently floating around 1.3220 region, the pair reversed part of Tuesday's strong gains led by a stronger USD, which gained traction on increasing prospects of an ultimate Fed rate-hike action by the end of this year. Renewed strength in WTI crude oil on Wednesday is profiting the commodity-linked currency, loonie. This coupled with a minor pull-back in the overall USD Index is exerting some selling pressure around the USD/CAD major.
Immediate downside support is pegged around 1.3200 region, which if broken resolutely is likely to drag the pair more towards 1.3060 horizontal support. In the meantime on the upside, momentum above 1.3240 immediate hurdle could get expanded towards session high persistence near 1.3265 region above which the pair looks to aim back towards reclaiming 1.3300 handle.