USDCAD oscillated near lows
10/13/2017 9:28:56 AM
During Forex market, the USDCAD pair came under some new selling pressure and protracted preceding session's refusal slide from just ahead of the key 1.2505 psychological mark.
At present trading around 1.2445-55 area, the pair has now eroded greater part of Thursday's tepid recovery gains from near two-week lows. The pair on Thursday rebounded to an intraday high level of 1.2488 following upbeat US economic data and a fall in crude oil prices.
A follow over selling pressure, causing a succeeding break below 1.2428 level, is probable to speed up the slide towards the 1.2405 handle before the pair finally fell to 1.2367 horizontal support.
On the positive aspect, the 1.2503 handle stays instant sturdy hurdle, which if conquered might because a short-covering rally towards 1.2567 level on the way 1.2603 handle.
FOREX market analysis by FxErvin.