USD versus CAD floated into weakness
2/24/2017 11:42:46 AM
During Forex market activities, the USD versus CAD reached to session high at 1.3118 and went over some fresh offers and has now floated into negative territory for the second successive day.
Now trading back below 1.3095 handle, around 1.3080 area, a fresh wave of USD selling pressure during early European session pulled the pair back closer to previous session's sharp reversal fluctuate lows.
Immediate support on the weakness is seen near 1.3077 area below which the pair is probable to head towards 1.3023 horizontal support ahead of 1.3003 psychological mark. On the upside, continued recovery above session peak persistence near 1.3118 level could get expanded towards 180-day SMA hurdle near 1.3147 area. On a persuasive move above 180-day SMA barrier, the pair appears all set to goal back towards regaining 1.3205 round figure mark.
FOREX market analysis by FxErvin.