FXstreet.com (Barcelona) - After rejecting from 1.1330 in the early American session, the USD/CAD has fallen around 130 pips to test the 1.1200 key support. Currently the pair is falling 0.40% so far today from opening price actio at 1.1250 and reach intra-week high at 1.1355.
1.1190/1.1200 zone looks like an important support as this zone has been May 22, 25 and the today's low.
Anna Coulling, Analyst at Master The Markets, comments: "Yesterday's candle was symptomatic of the day with markets closed both the US and the UK for a national holiday, currency trading was characterized by very thin volumes and narrow spreads and the usd/cad closed marginally higher from last Friday's low of just below 1.12. Given the sharpness of the sell off in the US dollar we are likely to see a period of sideways consolidation, if not a short term reversal, and once again this should provide opportunities to enter new sell orders on any move higher on an intra day basis as we look to achieve our next target of 1.1."
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