CURRENCY INVESTORS Canadian Dollar Fell The USDCAD decreased 0.0056 or 0.45% to 1.2532 on Friday July 21 from 1.2588 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 continued heading south after recent selloff below indicated previous support at 1.2969, adding credence to our bearish view that early erratic rise from 1.2461 has ended at 1.3794 earlier, hence further fall to 1.2550, then 1.2500 would be seen, however, oversold condition should limit downside to previous support at 1.2461 and price should stay well above 1.2400, risk from there has increased for a rebound to take place later.
On the upside, whilst initial recovery to 1.2700, then test of the Tenkan-Sen (now at 1.2761) cannot be ruled out, reckon 1.2830-40 would limit upside and bring another decline later. Only above the Kijun-Sen (now at 1.2963) would abort and suggest a temporary low is formed instead, risk a stronger rebound to resistance at 1.3015, however, still reckon upside would be limited to 1.3050 and price should falter well below previous support at 1.3165, bring another selloff later in late Q3.
|1.25||1.26||1.61||0.92||1972 – 2017||Daily|
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