Profit-taking pushing USD/CAD lower
The anticipated break lower is unfolding, with profit-taking pushing USD/CAD to the 1.3155 retracement.
Further losses are looked for in the coming weeks, as studies turn down and bullish background readings also unwind, with a close beneath here targeting the May trendline. Deteriorating investor sentiment anticipates still deeper reactions, however, with a further break opening up the 1.3025 retracement and congestion around 1.3000.
Resistance is lowered to the 1.3350 break level, and should provide a barrier into any immediate corrective bounce as investors adopt a sell-into-strength strategy. A close above here, however, will help to stabilise price action, and promote fresh consolidation as investors move back to a neutral stance.
Further losses are looked for in the coming weeks, as studies turn down and bullish background readings also unwind, with a close beneath here targeting the May trendline. Deteriorating investor sentiment anticipates still deeper reactions, however, with a further break opening up the 1.3025 retracement and congestion around 1.3000.
Resistance is lowered to the 1.3350 break level, and should provide a barrier into any immediate corrective bounce as investors adopt a sell-into-strength strategy. A close above here, however, will help to stabilise price action, and promote fresh consolidation as investors move back to a neutral stance.
