FXStreet (Orlando) – The USD/CAD is trading below 1.2300 again as the US Dollar lost steam against the Canadian Dollar and stopped its recovery from 1.2280 at 1.2330. Then the USD/CAD started to fall again, now below 1.2300.
The volatility that shaken the USD/CAD above and below the 1.2300 this session was mainly fueled by good US retail sales and the Canadian housing data. Currently, USD/CAD is trading at 1.2280, up 0.21% on the day, having posted a daily high at 1.2355 and low at 1.2252.
The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bullish.
USD/CAD forecast
According to TD Securities, the USD/CAD is expected to still expect spot to test the measured target at 1.2185. “Note that the market has still not (yet) fully completed the measured target (1.2185) implied by the breakdown in price at the start of the week on the short-term charts”.
USDCAD Technical Levels
If the pair consolidates levels below 1.2300, it will find supports at 1.2280, 1.2250 and 1.2200. To the upside, resistances are at 1.2325, 1.2350 and 1.2380.
(Market News Provided by FXstreet)