USDCAD BIG DROP APPROACHING !
After spending the majority of the day moving sideways in a tight range below the 1.33 handle, the USD/CAD pair gained traction during the NA session and rose to its highest level since June of 2017 at 1.3399 after the loonie came under a heavy selling pressure following the Bank of Canada's monetary policy statement. As of writing, the pair is trading at 1.3375, adding 0.85% on a daily basis and looking to post its highest daily close in 18 months.
The initial resistance for the pair aligns at 1.3400 (daily high) ahead of 1.3455 (Jun. 12, 2017 high) and 1.3500 (psychological level). On the downside, supports are located at 1.3250 (daily low), 1.3165 (Dec. 4 high) and 1.3080 (100-DMA).
The initial resistance for the pair aligns at 1.3400 (daily high) ahead of 1.3455 (Jun. 12, 2017 high) and 1.3500 (psychological level). On the downside, supports are located at 1.3250 (daily low), 1.3165 (Dec. 4 high) and 1.3080 (100-DMA).
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