FXStreet (Orlando) – The US Dollar recovery from near 1-month low of 1.2200 against the Canadian Dollar was capped at 1.2290 where the USD/CAD found selling interest that sent it back to 1.2260. The USD/CAD remains around 90 pips negative in the day.
Currently, USD/CAD is trading at 1.2267, down 0.54% on the day, having posted a daily high at 1.2354 and low at 1.2202. USD/CAD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish.
USD/CAD forecast
As reported earlier, the FX Research Team at TD Securities suggested that the pair might find strong resistance in the 1.2300 area. “We see resistance for USDCAD at 1.2300/10 and we rather doubt the USD will have the legs to recover beyond that point today.”
If par resumes its downtrend, it will find supports t 1.2225, 1.2200 and 1.2170. To the upside, resistances are at 1.2290, 1.2300 and 1.2315.
(Market News Provided by FXstreet)