FOREX INVESTORS BUZZ USDCAD Rose First Look The USDCAD increased 0.0002 or 0.02% to 1.2642 on Monday July 17 from 1.2640 in the previous trading session. Historically, the Canadian Dollar reached an all time high of 1.61 in January of 2002 and a record low of 0.92 in November of 2007.
As the greenback has fallen again after brief recovery, suggesting recent selloff from 1.3794 top (wave c of larger degree wave b top) is still in progress and bearishness remains for further decline to 1.2870, then 1.2850, however, loss of downward momentum should prevent sharp fall below 1.2800, risk from there has increased for a rebound to take place later.
In view of this, would not chase this fall here and would be prudent to sell the pair again on recovery as 1.3010-15 should limit upside. Above 1.3070-75 would defer and suggest low is formed, bring a stronger rebound to 1.3115-20 and possibly towards previous support at 1.3165 (now resistance) but only break there would signal a temporary low is formed instead, then test of another previous support at 1.3212.
USDCAD Rose First Look
|1.26||1.26||1.61||0.92||1972 – 2017||Daily|
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